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Trade and Industry Department The Government of the Hong Kong Special Administrative Region
Brand Hong Kong - Asia world city

HONG KONG - KOREA TRADE RELATIONS

HONG KONG'S TRADE POLICY

Hong Kong is a free port. We pursue a free trade policy and do not maintain barriers on trade. No tariff is charged on import or export of goods. Although licensing is required for the import and export of some goods, this is only to fulfil obligations undertaken by Hong Kong to our trading partners, or to meet public health, safety or internal security needs. The licensing procedures are as simplified as possible in such cases.

Through participating in multilateral, regional, plurilateral, and bilateral trade agreements, we secure, maintain and improve access to foreign markets for our goods and services.

Hong Kong actively supports and promotes a free, open and stable multilateral trading system. The World Trade Organization (WTO), established in 1995, succeeded the General Agreement on Tariffs and Trade (GATT). Hong Kong is a founding member of the WTO and has been participating actively in its activities. Hong Kong has continued its separate membership after return to China in 1997 using the name "Hong Kong, China".

HONG KONG'S ECONOMY IN 2016

The economy of Hong Kong is externally oriented and highly dependent on trade with the rest of the world. In 2016, Hong Kong's economy grew only modestly by 2.0% from 2015. The value of total merchandise trade amounted to HK$7,596.6 billion (305% of Gross Domestic Product (GDP)) in 2016 with imports and exports at HK$4,008.4 billion (161% of GDP) and HK$3,588.2 billion (144% of GDP) respectively. In 2016, Hong Kong was the world's 7th largest trading economy in goods - the 6th largest exporter and the 7th largest importer.

The services sector continues to be very important to the Hong Kong economy. It contributed 93% to the GDP in 2015 and accounted for 88% of the total employment in 2016. Hong Kong's trade in services amounted to HK$1,344.6 billion (54% of GDP) in 2016. In 2016, Hong Kong was the world's 17th largest commercial services trading economy - the 15th largest services exporter and the 16th largest services importer respectively.

TRADE RELATIONS WITH KOREA

  • In 2016, Korea was Hong Kong's 6th largest trading partner. Reciprocally, Hong Kong was Korea's 5th ranking trading partner in 2016.
  • Bilateral trade in goods between Hong Kong and Korea amounted to HK$250,267 million in 2016, increased by 10.5% from 2015. The average annual growth rate from 2012 to 2016 was 4.2% .
  • In 2016, Hong Kong's domestic export of goods to Korea amounted to HK$1,044 million. Major domestic exports to Korea included metalliferous ores and metal scrap; jewellery, goldsmiths' and silversmiths' wares, and other articles of precious or semi-precious materials; and miscellaneous edible products and preparations.
  • Reflecting Hong Kong's role as an important entrepĂ´t for merchandise trade between Korea and the Mainland of China, re-export trade between the two economies through Hong Kong has grown by 8.9% annually since 2012 to HK$203,372 million in 2016.
  • Hong Kong's re-export of goods to Korea totalled HK$52,996 million. Major re-exports were electrical machinery, apparatus and appliances, and electrical parts thereof; telecommunications and sound recording and reproducing apparatus and equipment; and office machines and automatic data processing machines.
  • In 2016, Hong Kong imported HK$196,228 million worth of goods from Korea. Major imports included electrical machinery, apparatus and appliances, and electrical parts thereof; telecommunications and sound recording and reproducing apparatus and equipment; and petroleum, petroleum products and related materials.
  Summary of Hong Kong's Trade with Korea  (in HK$ million)
2015 % Change 2015/2014 2016 % Change 2016/2015
Domestic Exports 1,137 -20.8 1,044 -8.1
Re-exports 53,243 -12.6 52,996 -0.5
Total Exports 54,380 -12.8 54,040 -0.6
Imports 172,085 -2.0 196,228 +14.0
Total Trade 226,465 -4.8 250,267 +10.5
While every effort is made to ensure the accuracy of the above information, the Department cannot guarantee this to be so and will not be held liable for any reliance placed on the same.

Trade and Industry Department
The Government of the Hong Kong
Special Administrative Region

Telephone : (852) 2398 5594
Website : www.tid.gov.hk

September 2017