HONG KONG - UNITED STATES TRADE RELATIONS
THE UNITED STATES AND HONG KONG ARE IMPORTANT TRADING PARTNERS
- In 2023, bilateral merchandise trade between the United States (US) and Hong Kong decreased by 6.0% over 2022, amounted to US$60.3 billion (HK$472.2 billion).
- Goods imported from the US registered an average annual change of -1.6% in value in the past four years since 2019 (in terms of HK Dollar). They accounted for about 4.3% (US$25.5 billion or HK$199.7 billion) of Hong Kong's total imports in 2023.
- Hong Kong was the US' 6th largest market for wine exports, 7th largest market for beef and beef products and 17th largest market for agricultural and related products in 2023. Other major exports from the US to Hong Kong in 2023 were electrical machinery, apparatus and appliances, and electrical parts thereof; telecommunications equipment; and non-metallic mineral manufactures.
- Goods exported to the US registered an average annual change of -2.7% in value in the past four years since 2019 (in terms of HK Dollar). They accounted for about 6.5% (US$34.8 billion or HK$272.5 billion) of Hong Kong's total exports in 2023.
- Hong Kong's major export to the US in 2023 included telecommunications equipment; electrical machinery, apparatus and appliances, and electrical parts thereof; and office machines and automatic data processing machines.
HONG KONG IS AN IMPORTANT ENTREPÔT FOR SINO-US TRADE
- Hong Kong is an important entrepôt for merchandise trade between the US and Mainland China. In 2023, around 3.9% (US$19.6 billion) of Mainland China's exports to the US, and around 7.4% (US$12.2 billion) of Mainland China's imports from the US, were routed through Hong Kong.
HONG KONG IS AN IMPORTANT LOCATION FOR US INTERESTS
- Hong Kong is a separate customs territory and participates in the World Trade Organization as a full and separate member, using the name "Hong Kong, China".
- Hong Kong welcomes overseas investment and offers an environment in which there is a free flow of capital and return on investment without exchange controls.
- As at 1 June 2023, there were 214 regional headquarters, 419 regional offices and 640 local offices in Hong Kong with parent companies located in the US.
- The US was the 6th largest source of external investment in Hong Kong at end-2022. The US' inward direct investment in Hong Kong amounted to US$45.0 billion (HK$351.4 billion), accounting for 2.2% of the total. The US was an important source of inward direct investment in both the financing (except banking, investment and holding companies) sector and the transportation, storage, postal and courier services sector.
- Hong Kong is one of the world's major financial centres. As at end-2023, 10 out of the 151 licensed banks and 4 out of the 16 restricted licence banks in Hong Kong were owned by US interests.
- As at 30 April 2024, among the 160 insurance companies authorised in Hong Kong, 23 are US-owned or controlled by US interests. US companies also participate actively in securities and futures trading, investment advice, fund management and credit rating in Hong Kong.
Note: Exchange rate in 2022: US$1 = HK$7.832; Exchange rate in 2023: US$1 = HK$7.829
| Value in HK$ billion (US$ billion) | ||||
| Summary of Hong Kong's Trade with the US | ||||
|---|---|---|---|---|
| 2022 | % Change 2022/2021 | 2023 | % Change 2023/2022 | |
| Domestic Exports | 7.4 (0.9) |
+1.2 | 6.1 (0.8) |
-17.5 |
| Re-exports | 285.3 (36.4) |
-5.6 | 266.3 (34.0) |
-6.6 |
| Total Exports | 292.7 (37.4) |
-5.5 | 272.5 (34.8) |
-6.9 |
| Imports | 209.4 (26.7) |
+1.3 | 199.7 (25.5) |
-4.6 |
| Total Trade | 502.1 (64.1) |
-2.8 | 472.2 (60.3) |
-6.0 |
Prepared by:
Trade and Industry Department
The Government of the Hong Kong
Special Administrative Region
Trade and Industry Tower,
3 Concorde Road, Kowloon City,
Hong Kong
Telephone : (852) 2398 5405
Website : www.tid.gov.hk
July 2024
Note: While every effort is made to ensure the accuracy of the above information, the Department cannot guarantee this to be so and will not be held liable for any reliance placed on the same.