Hong Kong SAR, Xina: Visió econòmica i política
Hong Kong's economy is considered a model of capitalism due to its commitment to free trade, with foreign trade representing 351.7% of its GDP (World Bank, 2022). Top exports include Electrical and electronic equipment (56% of all export) as well as gold, business services, travel, transportation and financial services. Main imports include electronic equipment (53%), transportation and business services (WTO). The International Monetary Fund (IMF) is forecasting a rebound of 4.4% in the volume of exports of goods and services of the territory in 2021, after a fall of 11.5% in 2020 due to the COVID-19 pandemic, and an increase of 5% of its imports, after a fall of 13.2% in 2020.
Export destinations include China (57% of all export in 2021), the U.S. (7.5%), India, Japan and Thailand while imports come from China (49%), Singapore (7%), Japan (7%), South Korea and the US (Comtrade, 2021). Hong Kong was the world's 6th exporters and 8th importers in 2020 (WTO, 2021). The greatest threat to Hong Kong's trade involves tensions and tariffs between the U.S. and China (Nikkei Asian Review). The effects of the COVID-19 pandemic and protests in Hong Kong may be affecting the economy (Fitch) in particular through tourism and air traffic.
In 2020, the total value of exported goods and services reached 176.7% of GDP while imports of goods and services closed at 174.9% of GDP. The trade balance, including services, was positive in 2020, reaching 6,32 million USD a 12.02% increase from 2019. The trade balance including only goods is largely negative (43.855 billion USD). Hong Kong is an externally oriented economy. In 2020, the value of Hong Kong’s total exports of goods amounted to HKD 3,927.5 billion (503.21 billion USD), while that of imports of goods was HKD 4,269.8 billion (636.60 billion USD). With regards to services, Hong Kong registered for the same year 63.78 billion USD for export and 51.02 billion USD for import. Foreign trade has slowed down in 2020 with a decrease of -0.95% for imports but an increase of +2.95% for exports. Hong Kong has no tariffs on imported goods. It levies excise duties on only four commodities which are imported or produced locally: hard alcohol, tobacco, hydrocarbon oil and methyl alcohol. There are no quotas or dumping laws.
Foreign Trade Values | 2017 | 2018 | 2019 | 2020 | 2021 |
Imports of Goods (million USD) | 588,913 | 626,616 | 577,834 | 569,769 | 712,358 |
Exports of Goods (million USD) | 549,864 | 568,456 | 534,887 | 548,773 | 669,903 |
Imports of Services (million USD) | 77,516 | 81,480 | 80,773 | 50,921 | 61,695 |
Exports of Services (million USD) | 104,216 | 113,049 | 101,864 | 63,731 | 76,763 |
Source: World Trade Organisation (WTO) ; Latest available data
Foreign Trade Indicators | 2017 | 2018 | 2019 | 2020 | 2021 |
Foreign Trade (in % of GDP) | 376.8 | 376.9 | 353.8 | 350.7 | 402.2 |
Trade Balance (million USD) | -22,927 | -32,272 | -15,362 | -5,315 | 2,730 |
Trade Balance (Including Service) (million USD) | 3,430 | -765 | 5,645 | 6,631 | 17,801 |
Imports of Goods and Services (Annual % Change) | 6.6 | 4.5 | -7.2 | -6.9 | 16.0 |
Exports of Goods and Services (Annual % Change) | 5.9 | 3.7 | -6.2 | -6.7 | 17.0 |
Imports of Goods and Services (in % of GDP) | 187.9 | 188.6 | 176.1 | 174.4 | 198.7 |
Exports of Goods and Services (in % of GDP) | 188.9 | 188.3 | 177.7 | 176.3 | 203.5 |
Source: World Bank ; Latest available data
Foreign Trade Forecasts | 2022 | 2023 (e) | 2024 (e) | 2025 (e) | 2026 (e) |
---|---|---|---|---|---|
Volume of exports of goods and services (Annual % change) | -7.3 | 1.6 | 2.9 | 3.8 | 3.6 |
Volume of imports of goods and services (Annual % change) | -7.1 | 1.8 | 3.2 | 3.6 | 3.8 |
Source: IMF, World Economic Outlook ; Latest available data
Note: (e) Estimated Data
Main Customers (% of Exports) |
2021 |
China | 59.9% |
United States | 6.0% |
India | 2.6% |
Japan | 2.3% |
Vietnam | 2.0% |
See More Countries | 27.3% |
Main Suppliers (% of Imports) |
2021 |
China | 44.3% |
Singapore | 7.6% |
South Korea | 5.9% |
Japan | 5.2% |
United States | 4.2% |
See More Countries | 32.8% |
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Source: Comtrade, 2022. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
To go further, check out our service Import Export Flows.
94.3 bn USD of services exported in 2018 | |
39.08% | |
34.67% | |
24.67% | |
1.58% |
52.3 bn USD of services imported in 2018 | |
50.60% | |
35.09% | |
11.44% | |
2.88% |
Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.
Vols fer algun comentari sobre aquest contingut? Escriu-nos.
© Export Entreprises SA, Tots els drets reservats.
Actualitzacions: January 2023