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Trade and Industry Department The Government of the Hong Kong Special Administrative Region
Brand Hong Kong - Asia world city

HONG KONG - UNITED STATES TRADE RELATIONS

THE UNITED STATES AND HONG KONG ARE IMPORTANT TRADING PARTNERS

  • In 2020, bilateral merchandise trade between the United States (US) and Hong Kong dropped by 16.1% over 2019, amounted to US$55.9 billion (HK$433.5 billion).
  • Goods imported from the US registered an average annual change of -4.1% in value in the past four years since 2016 (in terms of HK Dollar). They accounted for about 4.1% (US$22.5 billion or HK$174.7 billion) of Hong Kong's total imports in 2020.
  • Hong Kong was the US' 3rd largest market for wine exports, 5th largest market for beef and beef products and 13th largest market for agricultural and related products in 2020. Other major exports from the US to Hong Kong in 2020 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 -5.5% in value in the past four years since 2016 (in terms of HK Dollar). They accounted for about 6.6% (US$33.4 billion or HK$258.8 billion) of Hong Kong's total exports in 2020.
  • Hong Kong's major export to the US in 2020 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 2020, around 5.4% (US$24.3 billion) of Mainland China's exports to the US, and around 8.0% (US$10.8 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 2020, there were 282 regional headquarters, 408 regional offices and 593 local offices in Hong Kong with parent companies located in the US.
  • As at end-2019, the position of inward direct investment from the US amounted to US$45.1 billion at market price. 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-2020, ten out of the 161 licensed banks, and four out of the 17 restricted licence banks and one out of 43 local representative offices in Hong Kong were owned by US interests.
  • As at 30 April 2021, among the 166 insurance companies authorised in Hong Kong, nine are US companies. Another 13 are known to be 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 2019: US$1 = HK$7.836; Exchange rate in 2020: US$1 = HK$7.757

Value in HK$ billion (US$ billion)
  Summary of Hong Kong's Trade with the US
2019 % Change 2019/2018 2020 % Change 2020/2019
Domestic Exports 3.7
(0.5)
+0.9 4.9
(0.6)
+33.8
Re-exports 300.3
(38.3)
-15.0 253.9
(32.7)
-15.5
Total Exports 304.0
(38.8)
-14.8 258.8
(33.4)
-14.9
Imports 212.9
(27.2)
-7.9 174.7
(22.5)
-17.9
Total Trade 516.9
(66.0)
-12.1 433.5
(55.9)
-16.1

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

June 2021

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.