Xifres de comerç exterior de Hong Kong SAR, Xina

Foreign Trade in Figures

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.