HONG KONG - UNITED KINGDOM TRADE RELATIONS
HONG KONG AND THE UNITED KINGDOM ARE IMPORTANT TRADING PARTNERS
- In 2022, bilateral merchandise trade between Hong Kong and the United Kingdom (UK) amounted to £11 billion (HK$109 billion), dropped by 20.8% over 2021.
- Goods imported from the UK accounted for 1.2% (£6.3 billion or HK$60 billion) of Hong Kong's total merchandise imports in 2022. Major goods imported from the UK to Hong Kong in 2022 were non-electric engines and motors, silver and platinum as well as works of art, collectors' pieces and antiques.
- Hong Kong-origin goods exported to the UK accounted for 2.0% (£0.1 billion or HK$1 billion) of Hong Kong's total domestic exports in 2022. Hong Kong's major domestic exports to the UK in 2022 included jewellery, silver and platinum as well as precious metal ores and concentrates.
HONG KONG IS AN IMPORTANT ENTREPÔT FOR SINO-UK TRADE
- Hong Kong is an important entrepôt for merchandise trade between the UK and Mainland China. In 2022, around 5% (£3.1 billion or HK$30 billion) of Mainland China's exports to the UK, and around 11% (£2.0 billion or HK$19 billion) of Mainland China's imports from the UK, were routed through Hong Kong.
HONG KONG IS AN IMPORTANT LOCATION FOR UK 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 a free flow of capital and return on investment without exchange controls.
- As at 1 June 2023, there were 115 regional headquarters, 196 regional offices and 330 local offices in Hong Kong with parent companies located in the UK.
- As at end-2021, the position of inward direct investment from the UK amounted to £142 billion (HK$1,500 billion) at market price. The UK was an important source of inward direct investment in the banking, investment and holding, real estate, professional and business services sectors.
- Hong Kong is one of the world's major financial centres. As at end-2022, six out of the 155 licensed banks in Hong Kong were owned by UK interests.
- As at 30 June 2023, of the 164 insurance companies authorised in Hong Kong, 9 are UK companies. UK companies also participate actively in securities and futures trading, investment advice and fund management in Hong Kong.
- Hong Kong has signed an Investment Promotion and Protection Agreement with the United Kingdom. Please click here for more information.
| Value in HK$ billion (in £ billion) | ||||
| Summary of Hong Kong's Trade with UK | ||||
|---|---|---|---|---|
| 2021 | % Change 2021/2020 | 2022 | % Change 2022/2021 | |
| Domestic Exports | 4.9 (0.5) |
+530.0 | 1.2 (0.1) |
-74.6 |
| Re-exports | 68.5 (6.4) |
+49.5 | 47.2 (4.9) |
-31.1 |
| Total Exports | 73.4 (6.9) |
+57.5 | 48.5 (5.0) |
-34.0 |
| Imports | 64.2 (6.0) |
+2.1 | 60.5 (6.3) |
-5.8 |
| Total Trade | 137.6 (12.9) |
+25.7 | 109.0 (11.3) |
-20.8 |
Trade and Industry Department
The Government of the Hong Kong Special Administrative Region
December 2023
Notes :
- Exchange rate in 2021 : £1 = HK$10.69; Exchange rate in 2022 : £1 = HK$9.67
- Statistics in this fact sheet are sourced from the Government of the Hong Kong Special Administrative Region 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.