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This study aims to investigate the changing nature of trade and trade performance in Hong Kong and the long-run relations of trade/trade components with output growth. The industrial structural adjustment of the Hong Kong economy as fostered by the evolving nature of trade is also discussed. Research findings showed that the evolving trade in Hong Kong from conventional entrepot to domestic export-led dominance and to re-export or outward-processing dominance has great significance on output growth. Export trade and output growth are related in the long run by trade components. Trading businesses have been enlarged towards the domain of manufacturing management and/or diversified 'trade derivatives'. A new dimension to 'trade' traditionally perceived by economists could be added by allowing the contributions of 'unconventional re-exports' and 'trade derivatives'.Economic restructuring, trade components, export-led growth,