HONG KONG - AUSTRALIA 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 AUSTRALIA
- In 2016, Australia was Hong Kong's 19th largest trading partner. Reciprocally, Hong Kong was Australia's 13th ranking trading partner in 2016.
- Bilateral trade in goods between Hong Kong and Australia amounted to HK$52,229 million in 2016, increased by 1.5% from 2015. The average annual growth rate from 2012 to 2016 was -2.2%.
- In 2016, Hong Kong's domestic export of goods to Australia amounted to HK$668 million. Major domestic exports to Australia included miscellaneous edible products and preparations; jewellery, goldsmiths' and silversmiths' wares, and other articles of precious or semi-precious materials; and tobacco and tobacco manufacturers.
- Reflecting Hong Kong's role as an important entrepôt for merchandise trade between Australia and the Mainland of China, re-export trade between the two economies through Hong Kong has decreased by 0.03% annually since 2012 to HK$33,440 million in 2016.
- Hong Kong's re-export of goods to Australia totalled HK$34,091 million. Major re-exports were telecommunications and sound recording and reproducing apparatus and equipment; articles of apparel and clothing accessories; and office machines and automatic data processing machines.
- In 2016, Hong Kong imported HK$17,470 million worth of goods from Australia. Major imports included vegetables and fruit; telecommunications and sound recording and reproducing apparatus and equipment; and dairy products and birds' eggs.
|Summary of Hong Kong's Trade with Australia (in HK$ million)|
|2015||% Change 2015/2014||2016||% Change 2016/2015|
Trade and Industry Department
The Government of the Hong Kong
Special Administrative Region
Telephone : (852) 2398 5594
Website : www.tid.gov.hk