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 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 KOREA
- In 2018, Korea was Hong Kong's 6th largest trading partner. Reciprocally, Hong Kong was Korea's 5th largest trading partner in 2018.
- Bilateral trade in goods between Hong Kong and Korea amounted to HK$336,181 million in 2018, increased by 8.9% from 2017. The average annual growth rate from 2014 to 2018 was 9.0%.
- In 2018, Hong Kong's domestic export of goods to Korea amounted to HK$1,157 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.
- Hong Kong is an important entrepôt for merchandise trade between Korea and the Mainland of China. Re-export trade between the two economies through Hong Kong amounted to HK$264,651 million in 2018.
- Hong Kong's re-export of goods to Korea totalled HK$56,710 million. Major re-exports were electrical machinery, apparatus and appliances, and electrical parts thereof; office machines and automatic data processing machines; and telecommunications and sound recording and reproducing apparatus and equipment.
- In 2018, Hong Kong imported HK$278,314 million worth of goods from Korea. Major imports included electrical machinery, apparatus and appliances, and electrical parts thereof; telecommunications and sound recording and reproducing apparatus and equipment; and office machines and automatic data processing machines.
|Summary of Hong Kong's Trade with Korea (in HK$ 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