BACKGROUND
UK/Hong Kong Trade
1
Hong Kong is a valuable market for the UK. Despite its small size and
population Hong Kong has this year supplanted Japan as our foremost market in the
Far East. For many years the balance of trade has been in Hong Kong's favour (see
statistics at Annex A). Recent British successes in the major project field have,
to some extent, renewed the interest of British exporters in Hong Kong. This high
level of project activity is likely to continue in the coming years with projects
such as the Island Line Extension of the Mass Transit Railway, the Lantau fixed
crossing and the construction of a replacement airport. With no natural resources
except its harbour, Hong Kong is completely dependent on international trade. A
high proportion, currently 51%, of Hong Kong's imports are of raw materials and basic
foodstuffs. The main UK exports to Hong Kong are transport equipment, electrical
machinery, vehicles and power generation equipment. Britain is Hong Kong's sixth
largest supplier.
2
The Hong Kong Government's policy stresses free enterprise and free trade.
The British businessman has the advantage that English is the commercial language,
company law is British based and British standards are often specified. Hong Kong
has excellent communications and versatile manufacturing base and is one of the
largest financial centres in the world. It is an ideal base from which to tackle
other markets in the region, including China.
3 The textile and clothing industries are Hong Kong's largest employing about
40% of the total industrial workforce and producing some 42% by value of total
domestic exports.
Almost half our imports from Hong Kong are clothing and
textiles and it is inevitable that it is one of the most sensitive items in
Hong Kong's foreign trade relations.
major Hong Kong exports.
Investment
Electronics, watches and toys are also
The Hong Kong Government has long encouraged foreign investment into the
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