Mainland trade agreement lifts HK exports

Hong Kong's trade pact with the mainland boosted the territory's export market in 2004, although many businesses have not taken advantage of the agreement, state media reported, citing a government report. After the Closer Economic Partnership Arrangement (CEPA) eliminated tariffs on a variety of goods, exports to the mainland rose 3% last year to HK$40bn (US$4.9 billion), reversing a three-year downward trend. Exports to the mainland account for 30% of the territory's total domestic exports.