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 2018
The economy of Hong Kong is externally oriented and highly dependent on trade with the rest of the world. In 2018, Hong Kong's economy grew by 3.0% in real terms of Gross Domestic Product (GDP) from 2017. The value of total merchandise trade amounted to HK$8,879.5 billion (312% of GDP) in 2018 with imports and exports at HK$4,721.4 billion (166% of GDP) and HK$4,158.1 billion (146% of GDP) respectively. In 2018, Hong Kong was the world's 7th largest trading economy in goods - the 8th largest exporter and the 8th largest importer.
The services sector continues to be very important to the Hong Kong economy. It contributed 92% to the GDP in 2017 and accounted for 88% of the total employment in 2018. Hong Kong's trade in services amounted to HK$1,528.2 billion (54% of GDP) in 2018. In 2018, Hong Kong was the world's 18th largest commercial services trading economy - the 15th largest services exporter and the 19th largest services importer respectively.
TRADE RELATIONS WITH AUSTRALIA
- In 2018, Australia was Hong Kong's 20th largest trading partner. Reciprocally, Hong Kong was Australia's 14th largest trading partner in 2018.
- Bilateral trade in goods between Hong Kong and Australia amounted to HK$54,218 million in 2018, increased by 0.1% from 2017. The average annual growth rate from 2014 to 2018 was 1.5%.
- In 2018, Hong Kong's domestic export of goods to Australia amounted to HK$671 million. Major domestic exports to Australia included miscellaneous edible products and preparations; non-ferrous metals; and tobacco and tobacco manufacturers.
- Hong Kong is an important entrepôt for merchandise trade between Australia and the Mainland of China. Re-export trade between the two economies through Hong Kong amounted to HK$36,028 million in 2018.
- Hong Kong's re-export of goods to Australia totalled HK$35,229 million. Major re-exports were telecommunications and sound recording and reproducing apparatus and equipment; office machines and automatic data processing machines; and articles of apparel and clothing accessories.
- In 2018, Hong Kong imported HK$18,317 million worth of goods from Australia. Major imports included telecommunications and sound recording and reproducing apparatus and equipment; vegetables and fruit; and meat and meat preparations.
|Summary of Hong Kong's Trade with Australia (in HK$ million)|
|2017||% Change 2017/2016||2018||% Change 2018/2017|
Trade and Industry Department
The Government of the Hong Kong
Special Administrative Region
Telephone : (852) 2398 5594
Website : www.tid.gov.hk