HONG KONG - KOREA TRADE RELATIONS
KOREA AND HONG KONG ARE IMPORTANT TRADING PARTNERS
- In 2023, Korea was Hong Kong's 6th largest trading partner. Hong Kong was Korea's 10th largest trading partner in 2023.
- Total merchandise trade between Hong Kong and Korea amounted to HK$297.3 billion in 2023, decreased by 19.9% from 2022. The average annual growth rate from 2019 to 2023 was 1.8%.
- In 2023, Hong Kong's domestic export of goods to Korea amounted to HK$0.9 billion. Major domestic exports to Korea included metalliferous ores and metal scrap; jewellery, goldsmiths' and silversmiths' wares, and other articles of precious or semi-precious materials; and miscellaneous edible products and preparations.
- Hong Kong's re-export of goods to Korea totalled HK$72.8 billion. Major re-exports 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, Hong Kong imported HK$223.6 billion worth of goods from Korea. Major imports included electrical machinery, apparatus and appliances, and electrical parts thereof; essential oils and resinoids and perfume materials; toilet, polishing and cleansing preparations; and telecommunications and sound recording and reproducing apparatus and equipment.
HONG KONG IS AN IMPORTANT ENTREPOT FOR MAINLAND-KOREA TRADE
- Hong Kong is an important entrepôt for merchandise trade between Korea and the Mainland of China. Re-export trade between the two economies through Hong Kong amounted to HK$261.7 billion in 2023.
HONG KONG IS AN IMPORTANT LOCATION FOR KOREA INTERESTS
- Hong Kong is a separate customs territory recognised by the World Trade Organization as a member.
- Hong Kong welcomes overseas investment and offers an environment in which there is a free flow of capital and return on investment without exchange controls.
- In the survey covering 9 039 companies in Hong Kong with parent companies located outside Hong Kong in June 2023, there were 12 regional headquarters, 38 regional offices and 96 local offices in Hong Kong with their parent companies located in Korea.
- Hong Kong and Korea signed an Investment Promotion and Protection Agreements (IPPA) and the IPPA entered into force in July 1997. Please click here for more information.
| Summary of Hong Kong's Merchandise Trade with Korea (in HK$ million) | ||||
|---|---|---|---|---|
| 2022 | % Change 2022/2021 | 2023 | % Change 2023/2022 | |
| Domestic Exports | 2,091 | +88.4 | 866 | -58.6 |
| Re-exports | 79,344 | +8.0 | 72,840 | -8.2 |
| Total Exports | 81,435 | +9.2 | 73,706 | -9.5 |
| Imports | 289,773 | -10.7 | 223,626 | -22.8 |
| Total Trade | 371,209 | -7.0 | 297,332 | -19.9 |
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