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 402% of its GDP (World Bank, 2023). Top exports include Electrical and electronic equipment (56% of all export) as well as machinery (13%) and gold, business services, travel, transportation and financial services. Main imports include electronic equipment (53%), machinery (11%), gold, transportation and business services (WTO, 2023). The International Monetary Fund (IMF) is forecasting an increase of 1.6% in the volume of exports of goods and services of the territory in 2023, after a fall of 7.3% in 2022 due to the COVID-19 pandemic, and an increase of 1.8% of its imports, after a fall of 7.1% in 2022.

Export destinations include China (57% of all export in 2022), the U.S. (7.5%), India (3%) and Japan (3%) while imports come from China (49%), Singapore (7%), Japan (6.3%), South Korea (5.3%) and the US with 5.1% (World Bank, 2023). Hong Kong was the world's 6th exporters and 7th importers in 2021 (WTO, 2023). The greatest threat to Hong Kong's trade involves tensions and tariffs between the U.S. and China (Nikkei Asian Review). The continued effects of the COVID-19 pandemic may be affecting the economy (Fitch) in particular through tourism and air traffic.

In 2021, the total value of exported goods and services reached 203% of GDP while imports of goods and services closed at 198.7% of GDP. Hong Kong trade deficit widened to USD 27.1 billion in November 2022, from USD 11.1 billion in the same period a year earlier. Exports fell by 24.1% to $360 billion, amid dropped in sales for most commodities, led by electrical machinery, appliances and parts (-20.1%), telecommunications, sound recording and reproducing equipment (-34%), and office machines and automatic data processing machines (-35.7%). Meanwhile, imports also fell by 20.3% to $387.1 billion, as arrivals considerably decreased for electrical machinery, appliances and parts (-18.8%), telecommunication, sound recording and reproducing equipment (-34%), and office machines and automatic data processing machines (-29%). Considering January to November, the trade deficit widened to USD 343.7 billion from USD 314.4 billion in the same period of 2021, as exports dropped by 6.4% and imports by 5.4%. source: Census and Statistics Department, Hong Kong

Hong Kong is an externally oriented economy. In 2021, the value of Hong Kong’s total exports of goods amounted to 669.9 billion USD, while that of imports of goods was 712.35 billion USD. With regards to services, Hong Kong registered for the same year 76.65 billion USD for export and 61.55 billion USD for import. Foreign trade has slowed down in 2022 with a decrease of -7.1% for imports and -7.3% 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.