HONG KONG - EUROPEAN UNION TRADE RELATIONS
HONG KONG AND THE EUROPEAN UNION* ARE IMPORTANT TRADING PARTNERS
- In 2022, bilateral merchandise trade between Hong Kong and the European Union (EU) amounted to €64 billion (HK$524 billion), dropped by 5.3% over 2021.
- Germany, Netherlands and France were Hong Kong's top three merchandise trading partners among all the EU Member States in 2022. They represented 23%, 18% and 14% of Hong Kong's total merchandise trade with the EU respectively. Details on Hong Kong's merchandise trade with the EU are in the Table.
- Goods imported from the EU accounted for 4.3% (€26 billion or HK$211 billion) of Hong Kong's total merchandise imports in 2022. Major goods imported from the EU to Hong Kong in 2022 were semi-conductors, electronic valves & tubes, travel goods and handbags as well as pearls and precious stones.
- Hong Kong-origin goods exported to the EU accounted for 2.4% (€0.2 billion or HK$1.5 billion) of Hong Kong's total domestic exports in 2022. Hong Kong's major domestic exports to the EU in 2022 included jewellery, silver and platinum as well as edible products and preparations.
HONG KONG IS AN IMPORTANT ENTREPÔT FOR SINO-EU TRADE
- Hong Kong is an important entrepôt for merchandise trade between the EU and Mainland China. In 2022, around 6% (€30.5 billion or HK$252 billion) of Mainland China's exports to the EU, and around 4% (€10.6 billion or HK$88 billion) of Mainland China's imports from the EU, were routed through Hong Kong.
HONG KONG IS AN IMPORTANT LOCATION FOR EU INTERESTS
- Hong Kong is a separate customs territory, and participates in the World Trade Organisation as a full and separate member, using the name "Hong Kong, China".
- Hong Kong welcomes overseas investments and offers an environment in which there is free flow of capital and return on investment without exchange controls.
- As at 1 June 2022, there were 317 regional headquarters, 540 regional offices and 743 local offices in Hong Kong with parent companies located in the EU.
- As at end-2021, the position of inward direct investment from the EU amounted to €22 billion (HK$196 billion) at market price. The EU was an important source of inward direct investment in both the accommodation and food services sector and the manufacturing sector.
- Hong Kong is one of the world's major financial centres. As at end-2022, 19 out of the 155 licensed banks, one out of the 15 restricted licence banks and four out of 37 local representative offices in Hong Kong were owned by EU interests.
- As at 30 June 2023, of the 164 insurance companies authorised in Hong Kong, 15 are EU companies. EU companies also participate actively in securities and futures trading, investment advice and fund management in Hong Kong.
- Hong Kong has signed Investment Promotion and Protection Agreements (IPPA) with the following EU Member States: Austria, the Belgo-Luxembourg Economic Union, Denmark, Finland, France, Germany, Italy, the Netherlands, and Sweden. Please click here for more information.
| Value in HK$ billion (€ billion) | ||||
| Summary of Hong Kong's Trade with the EU | ||||
|---|---|---|---|---|
| 2021 | % Change 2021/2020 | 2022 | % Change 2022/2021 | |
| Domestic Exports | 1.4 (0.1) |
+10.9 | 1.5 (0.2) |
+7.9 |
| Re-exports | 338.1 (36.8) |
+21.2 | 311.1 (37.8) |
-8.0 |
| Total Exports | 339.5 (36.9) |
+21.2 | 312.6 (37.9) |
-7.9 |
| Imports | 213.7 (23.2) |
+9.0 | 211.2 (25.6) |
-1.1 |
| Total Trade | 553.2 (60.1) |
+16.2 | 523.8 (63.6) |
-5.3 |
Trade and Industry Department
The Government of the Hong Kong Special Administrative Region
July 2023
Notes :
- Exchange rate in 2021 : €1 = HK$9.20; Exchange rate in 2022 : €1 = HK$8.24
- Statistics in this fact sheet are sourced from the Government of the Hong Kong Special Administrative Region, Eurostat, and the WTO.
- 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.
* The EU comprises of 27 Member States, namely, Austria, Belgium, Bulgaria, Croatia, Cyprus, the Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, the Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
TABLE
| HONG KONG'S MERCHANDISE TRADE WITH THE EU AND INDIVIDUAL MEMBER STATES IN 2022 | |||||
|---|---|---|---|---|---|
| Value of Total Trade (in million €) |
Value of Imports (in million €) |
Value of Domestic Exports (in million €) |
Value of Re-exports (in million €) |
||
| World | 1,147,951 | 597,994 | 7,603 | 542,355 | |
| The EU | 63,573 (5.5%) |
25,634 (4.3%) |
181 (2.4%) |
37,758 (7.0%) |
|
| Ranking | Member States | ||||
| 1 | Germany | 14,716 (23.15%) |
6,663 (25.99%) |
31 (17.11%) |
8,022 (21.25%) |
| 2 | Netherlands | 11,530 (18.14%) |
1,885 (7.35%) |
32 (17.91%) |
9,613 (25.46%) |
| 3 | France | 9,093 (14.30%) |
5,425 (21.16%) |
40 (22.15%) |
3,628 (9.61%) |
| 4 | Italy | 7,666 (12.06%) |
4,589 (17.90%) |
41 (22.65%) |
3,036 (8.04%) |
| 5 | Belgium | 4,058 (6.38%) |
2,154 (8.40%) |
10 (5.70%) |
1,894 (5.02%) |
| 6 | Spain | 2,369 (3.73%) |
701 (2.73%) |
6.7 (3.73%) |
1,662 (4.40%) |
| 7 | Hungary | 2,164 (3.40%) |
313 (1.22%) |
2.0 (1.12%) |
1,850 (4.90%) |
| 8 | Poland | 1,780 (2.80%) |
231 (0.90%) |
1.1 (0.58%) |
1,547 (4.10%) |
| 9 | The Czech Republic | 1,631 (2.57%) |
316 (1.23%) |
0.7 (0.38%) |
1,314 (3.48%) |
| 10 | Austria | 1,570 (2.47%) |
308 (1.20%) |
3.6 (2.00%) |
1,258 (3.33%) |
| 11 | Ireland | 1,171 (1.84%) |
725 (2.83%) |
1.9 (1.08%) |
444 (1.18%) |
| 12 | Luxembourg | 1,132 (1.78%) |
786 (3.07%) |
0.2 (0.11%) |
346 (0.92%) |
| 13 | Sweden | 931 (1.46%) |
240 (0.93%) |
3.0 (1.65%) |
688 (1.82%) |
| 14 | Denmark | 653 (1.03%) |
229 (0.89%) |
3.1 (1.69%) |
421 (1.12%) |
| 15 | Romania | 506 (0.80%) |
49 (0.19%) |
0.7 (0.37%) |
456 (1.21%) |
| 16 | Portugal | 425 (0.67%) |
123 (0.48%) |
1.9 (1.05%) |
300 (0.80%) |
| 17 | Malta | 333 (0.52%) |
312 (1.22%) |
0.1 (0.07%) |
21 (0.06%) |
| 18 | Slovenia | 301 (0.47%) |
220 (0.86%) |
0.002 (0.001%) |
81 (0.21%) |
| 19 | Finland | 269 (0.42%) |
57 (0.22%) |
0.3 (0.19%) |
211 (0.56%) |
| 20 | Lithuania | 257 (0.40%) |
39 (0.15%) |
0.1 (0.05%) |
218 (0.58%) |
| 21 | Slovakia | 247 (0.39%) |
51 (0.20%) |
0.02 (0.01%) |
196 (0.52%) |
| 22 | Bulgaria | 227 (0.36%) |
75 (0.29%) |
0.09 (0.05%) |
152 (0.40%) |
| 23 | Greece | 182 (0.29%) |
36 (0.14%) |
0.3 (0.19%) |
145 (0.38%) |
| 24 | Estonia | 123 (0.19%) |
21 (0.08%) |
0.07 (0.04%) |
102 (0.27%) |
| 25 | Latvia | 112 (0.18%) |
50 (0.20%) |
0.1 (0.07%) |
62 (0.16%) |
| 26 | Croatia | 82 (0.13%) |
16 (0.06%) |
0.01 (0.01%) |
66 (0.17%) |
| 27 | Cyprus | 45 (0.07%) |
19 (0.07%) |
0.07 (0.04%) |
26 (0.07%) |
Notes :
- Figures in brackets for the EU represent the percentage share among all trading partners of Hong Kong and that for individual Member States represent the percentage share among all EU Member States.
- The ranking is based on total trade value.
- Due to rounding, the figures may not add up to the total.