The move can save as much as $458m annually.
The Legislative Council passed an amendment to the Import & Export (Registration) Regulation capping the charge for each import and export declaration at $200.
The measure will apply to all goods imported, exported or re-exported from August 1.
Also read: Exports up 8.1% to $330.2b in April
The move is a welcome development to boost the local trading and logistics industry as lower operating costs of trade activities will encourage the industry to move up the value chain, secretary for commerce & economic development Edward Yau said in a statement.
Capping the charge is set save $458m a year as well as benefit 900,000 cases involving goods at a value above $1.644m. The arrangements for the lodgement of the charge for each import and export declaration, and payment of charges will remain unchanged.
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