Bright outlook ahead for bilateral trade
Exports from the country rise, while HK continues to appeal to French firms. Reports by Ed Peters
France and Hong Kong can look back on a prosperous year's trading, as bilateral trade increased by 6.8 per cent in 2015, compared to a drop of 5.8 per cent in 2014. And the prospects for the future are looking good too.
French exports to Hong Kong bounced back, mainly due to wine and alcoholic beverage exports, which were up by 17.2 per cent, and electronic components, which almost doubled - growing by an impressive 93.6 per cent.
There was mixed performance in luxury goods. Leather and jewellery exports fell slightly, but cosmetics were up by 18.5 per cent, while shoes and clothes rose 4.6 per cent. Although less dynamic than in 2015, aeronautics remained the leading sector, accounting for 15 per cent of French exports, valued at €659 million (HK$5.6 billion).
Hong Kong's exports to France remain low and mainly correspond to products previously imported to the city from other Asian countries.
"The reasons why French trade with Hong Kong remains buoyant are mainly down to the SAR's traditional role as a trade hub," says Eric Berti, France's consul general to Hong Kong and Macau, who was posted in July last year after three years at the French consulate general in Australia.
Other factors boosting French trade include the importance of tourists - particularly mainlanders - eager to buy French products in Hong Kong. Hong Kong is France's 57th-ranked supplier (0.16 per cent of France's imports) and its 18th-ranked client (1.02 per cent of its exports).