HONG KONG - JAPAN 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 JAPAN
- In 2018, Japan was Hong Kong's 4th largest trading partner. Reciprocally, Hong Kong was Japan's 11th largest trading partner in 2018.
- Bilateral trade in goods between Hong Kong and Japan amounted to HK$389,282 million in 2018, increased by 1.9% from 2017. The average annual growth rate from 2014 to 2018 was -1.9%.
- In 2018, Hong Kong's domestic export of goods to Japan amounted to HK$997 million. Major domestic exports to Japan included metalliferous ores and metal scrap; jewellery, goldsmiths' and silversmiths' wares, and other articles of precious or semi-precious materials; and non-ferrous metals.
- Hong Kong is an important entrepôt for merchandise trade between Japan and the Mainland of China. Re-export trade between the two economies through Hong Kong amounted to HK$273,130 million in 2018.
- Hong Kong's re-export of goods to Japan totalled HK$128,321 million. Major re-exports were telecommunications and sound recording and reproducing apparatus and equipment; electrical machinery, apparatus and appliances, and electrical parts thereof; and office machines and automatic data processing machines.
- In 2018, Hong Kong imported HK$259,964 million worth of goods from Japan. Major imports included electrical machinery, apparatus and appliances, and electrical parts thereof; telecommunications and sound recording and reproducing apparatus and equipment; and office machines and automatic data processing machines.
|Summary of Hong Kong's Trade with Japan (in HK$ 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