The Hong Kong Trade Development Council (HKTDC) said recently that the trade volumes between Hong Kong and the Philippines remain robust and is increasing, with $8.1 billion recorded last year and $7.8 billion in 2011.
An HKTDC spokesperson told The Manila Times that Hong Kong’s compounded annual exports to the Philippines is “growing annually” by 13.2 percent while it is 7.9 percent for imports, from 2009 to 2012.
“Bilateral trade between Hong Kong and the Philippines has risen at a compound annual growth rate of 9.7 percent from 2009-2012, reaching $8.1 billion in 2012, with Hong Kong’s exports to the Philippines and imports from the country growing annually at 13.2 percent and 7.9 percent, respectively,” the HKTDC spokesperson said.
According to the Hong Kong foreign council, total trade between the two countries from January to September this year went up by 2.7 percent compared to the same time last year.
“As Asean [Association of Southeast Asian Nation] steps up integration efforts to become a more unified economic and trade bloc in the form of Asean Economic Community [AEC] in 2015, this should be positive for Hong Kong in its trade with individual Asean members like the Philippines, given the harmonization of trade rules expected,” the HKTDC spokesperson said.
“On the other hand, Hong Kong is to engage in FTA [free-trade agreement] talks with Asean, and a successful conclusion will bode well for broader Hong Kong-Asean trade as well as trade with the Philippines,” the HKTDC representative said, citing various FTA talks with the whole of Asean to improve the free flow trade of goods and services.
The HKTDC spokesperson also said that Hong Kong’s top imports from the Philippines were mostly electronics and computer-related products, which include electronics and semiconductors as well as electronic valves and tubes; computers; telecommunications equipment and parts; rotating electric plant and parts; and electrical apparatus for electrical circuits.
The Philippines’ top imports from Hong Kong include telecommunications equipment and parts; parts and accessories of office machines or computers; electrical apparatus for electrical circuits; electronics and semiconductors products and office machines.