HONG KONG - ASEAN TRADE RELATIONS
ASEAN* AND HONG KONG ARE IMPORTANT TRADING PARTNERS
- In 2023, ASEAN was Hong Kong's second largest trading partner. Total merchandise trade between Hong Kong and ASEAN amounted to HK$1,131.7 billion, representing 12.8% of Hong Kong's global merchandise trade and registering an annual average growth rate of 2.7% per annum between 2019 and 2023.
- ASEAN was Hong Kong's 2nd largest supplier of goods in 2023, after the Mainland of China**. Between 2019 and 2023, Hong Kong's imports from ASEAN grew at 3.1% per annum on average. In 2023, 17.2% of Hong Kong's total imports, around HK$800.4 billion, were sourced from ASEAN.
- All ASEAN exports enter Hong Kong at zero tariff. Hong Kong's major imports from ASEAN in 2023 were electrical machinery, apparatus and appliances, and electrical parts thereof; office machines and automatic data processing machines; and telecommunications and sound recording and reproducing apparatus and equipment.
- In 2023, ASEAN was the 2nd largest market of Hong Kong's goods, after the Mainland of China**. Hong Kong's domestic exports to ASEAN amounted to HK$8.2 billion, accounting for 12.5% of Hong Kong's total domestic exports in 2023.
- Hong Kong's major domestic exports to ASEAN in 2023 were metalliferous ores and metal scrap; jewellery, goldsmiths' and silversmiths' wares, and other articles of precious or semi-precious materials; and non-ferrous metals.
- In late 2017, Hong Kong and ASEAN signed a Free Trade Agreement and an Investment Agreement. The Agreements can enhance trade and investment flows between the two places, generate new opportunities for businesses and boost the economic growth in the longer term. Please click here for more information.
HONG KONG IS AN IMPORTANT ENTREPOT FOR MAINLAND-ASEAN TRADE
- Hong Kong is an important entrepot for merchandise trade between ASEAN and the Mainland of China. Re-export trade between the two economies through Hong Kong amounted to HK$510.6 billion in 2023.
HONG KONG IS AN IMPORTANT LOCATION FOR ASEAN INTERESTS
- Hong Kong is a separate customs territory recognised by the World Trade Organization as a member.
- 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.
- In the survey covering 9 039 companies in Hong Kong with parent companies located outside Hong Kong in June 2023, there are 52 regional headquarters, 128 regional offices and 468 local offices in Hong Kong with their parent companies located in ASEAN.
- ASEAN was the 6th largest source of external investment in Hong Kong at end-2022. ASEAN's inward direct investment in Hong Kong amounted to HK$530.0 billion, accounting for 3.4% of the total**.
- Hong Kong and Thailand signed an Investment Promotion and Protection Agreement (IPPA) and the IPPA entered into force in April 2006. Please click here for more information.
| Hong Kong's Merchandise Trade with ASEAN and Individual Member States in 2023 | |||||
|---|---|---|---|---|---|
| Ranking | Member States | Value of Total Trade (in HK$ million) |
Value of Imports (in HK$ million) |
Value of Domestic Exports (in HK$ million) |
Value of Re-exports (in HK$ million) |
| 1 | Singapore | 394,695 | 329,557 | 2,337 | 62,801 |
| 2 | Viet Nam | 245,620 | 133,742 | 1,750 | 110,128 |
| 3 | Malaysia | 186,755 | 149,754 | 1,074 | 35,927 |
| 4 | Thailand | 150,390 | 85,571 | 1,563 | 63,256 |
| 5 | The Philippines | 107,748 | 79,341 | 287 | 28,121 |
| 6 | Indonesia | 37,278 | 19,555 | 1,104 | 16,619 |
| 7 | Cambodia | 6,969 | 1,714 | 43 | 5,211 |
| 8 | Myanmar | 1,629 | 783 | 6 | 839 |
| 9 | Brunei Darussalam | 528 | 339 | 17 | 171 |
| 10 | Laos | 131 | 18 | 0.03 | 113 |
| ASEAN | 1,131,744 (12.8%) |
800,374 (17.2%) |
8,183 (12.5%) |
323,187 (7.9%) |
|
| All trading partners | 8,822,396 | 4,644,991 | 65,644 | 4,111,761 | |
Notes :
1. Figures in brackets represent the percentage share of ASEAN against all trading partners of Hong Kong.
2. The ranking is based on total value of merchandise trade.
3. Due to rounding, the figures may not add up to the total.
* At present, the Association of Southeast Asian Nations (ASEAN) comprises Brunei Darussalam, Cambodia, Indonesia, Laos, Malaysia, Myanmar, the Philippines, Singapore, Thailand and Viet Nam.
** The ranking was arrived at by taking ASEAN as a single entity while all the other trading partners were considered on a per country / economy basis. The ranking on direct investment was based on some selected economies.
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.
Trade and Industry Department
The Government of the Hong Kong
Special Administrative Region
Telephone : (852) 2398 5594
Website: www.tid.gov.hk
March 2024