Hong Kong SAR, China flag Hong Kong SAR, China: Contexto político-econômico

Valores de comércio de Hong Kong SAR, China

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.

 
Foreign Trade Values 20182019202020212022
Imports of Goods (million USD) 626,616577,834569,769712,358667,554
Exports of Goods (million USD) 568,456534,887548,773669,903609,925
Imports of Services (million USD) 81,64280,94054,94961,75463,048
Exports of Services (million USD) 113,144101,98266,93279,12682,921

Source: World Trade Organisation (WTO) ; Latest available data

Foreign Trade Indicators 20182019202020212022
Foreign Trade (in % of GDP) 376.9353.7350.7402.5383.8
Trade Balance (million USD) -32,272-15,362-5,3153,160-5,702
Trade Balance (Including Service) (million USD) -7655,6686,66420,53514,171
Imports of Goods and Services (Annual % Change) 4.5-7.2-6.915.8-12.2
Exports of Goods and Services (Annual % Change) 3.7-6.1-6.717.0-12.6
Imports of Goods and Services (in % of GDP) 188.6176.1174.4198.5189.9
Exports of Goods and Services (in % of GDP) 188.3177.7176.3204.0193.9

Source: World Bank ; Latest available data

Foreign Trade Forecasts 2023 (e)2024 (e)2025 (e)2026 (e)2027 (e)
Volume of exports of goods and services (Annual % change) -5.18.65.44.03.9
Volume of imports of goods and services (Annual % change) -4.48.35.64.14.1

Source: IMF, World Economic Outlook ; Latest available data

Note: (e) Estimated Data

 
International Economic Cooperation
Hong Kong is a member of the following international economic organisations: IMF, Asia-Pacific Economic Cooperation (APEC), ICC,  World Customs Organization (WCO), WTO, among others. For the full list of economic and other international organisations in which participates Hong Kong click here. International organisation membership of Hong Kong is also outlined here.
Free Trade Agreements
The complete and up-to-date list of Free Trade Agreements signed by Hong Kong can be consulted here.
 

Main Partner Countries

Main Customers
(% of Exports)
2022
China 57.4%
United States 6.2%
India 3.7%
Vietnam 2.4%
Japan 2.1%
See More Countries 28.1%
Main Suppliers
(% of Imports)
2022
China 40.1%
Singapore 7.7%
South Korea 5.6%
Japan 5.3%
United States 4.2%
See More Countries 37.1%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

Main Products

610.1 bn USD of products exported in 2022
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 35.0%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 11.0%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 4.9%
Parts and accessories (other than covers, carrying...Parts and accessories (other than covers, carrying cases and the like) suitable for use solely or principally with machines of heading 8469 to 8472, n.e.s. 4.9%
Automatic data-processing machines and units...Automatic data-processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 4.4%
See More Products 39.7%
668.5 bn USD of products imported in 2022
Electronic integrated circuits; parts thereofElectronic integrated circuits; parts thereof 33.2%
Telephone sets, incl. telephones for cellular...Telephone sets, incl. telephones for cellular networks or for other wireless networks; other apparatus for the transmission or reception of voice, images or other data, incl. apparatus for communication in a wired or wireless network [such as a local or wide area network]; parts thereof (excl. than transmission or reception apparatus of heading 8443, 8525, 8527 or 8528) 10.6%
Gold, incl. gold plated with platinum, unwrought...Gold, incl. gold plated with platinum, unwrought or not further worked than semi-manufactured or in powder form 5.7%
Parts and accessories (other than covers, carrying...Parts and accessories (other than covers, carrying cases and the like) suitable for use solely or principally with machines of heading 8469 to 8472, n.e.s. 3.8%
Automatic data-processing machines and units...Automatic data-processing machines and units thereof; magnetic or optical readers, machines for transcribing data onto data media in coded form and machines for processing such data, n.e.s. 3.6%
See More Products 43.1%

Source: Comtrade, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

 
 

To go further, check out our service Import Export Flows.

 

Main Services

Source: United Nations Statistics Division, 2023. Because of rounding, the sum of the percentages may be smaller/greater than 100%.

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