Australia exports shark fins into China and Hong Kong as well as importing "a significant volume", including from countries that don't ensure sustainable fishing practices, the report released on Friday states.

"Half of all Australians aren't even aware we trade in shark fins, let alone how inconsistent and weak our anti-finning rules are," Australian Marine Conservation Society scientist Leonardo Guida says.

"Australia's anti-finning rules are behind those in the United States, the European Union, Canada and several Mediterranean countries."

All fishing jurisdictions in Australia have legislation to prevent shark finning at sea, however the report says there are shortcomings in fisheries in WA, Queensland and the NT.

The practice of "live-finning", removing fins from sharks before they're released, is illegal across Australia, but there were loopholes in some fisheries that could allow it to happen, Lawrence Chlebeck, marine biologist for Humane Society International Australia said

"One of those main loopholes is what we call a 'fins naturally attached regulation'," he said.

Some fisheries in Queensland, WA and the Northern Territory do not have the restriction, meaning sharks can be processed at sea and brought back in pieces.

Landing the shark whole allows for identification of species and better population management, Dr Chlebeck said.

"Right now, that's not happening, and that leaves that loophole for live finning at sea to possibly be occurring.

By weight, fins are "far more valuable" than the meat of the shark, especially on Asian markets.

"From a fisherman's standpoint, to fill their holds with the bodies of sharks is really uneconomical," Dr Chlebeck said.

There is also room for improvement in Australia's tracking of shark exports and imports, the report says.

"We really need to bring the use of Harmonised System Codes, that's used by the rest of the world, to really know how much shark fin is coming in and leaving Australia," he said.

The fact there was a market in Australia for shark fin imports came as a surprise to researchers, Dr Chlebeck said.

"Australia has been in past years a world leader in shark conservation, we're a part of international shark conservation instruments and we have our own national plan of action on sharks," he said.

"We're a first world country, with all the resources at hand, we really need to be doing a much better job."

The report, Management of Shark Fin Trade To and From Australia, was released on Friday by Humane Society International Australia, the Australian Marine Conservation Society, and the Environmental Defenders Office.

Australian Associated Press