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Hong Kong, also known as the Pearl of the Orient, is a special administrative region of the People's Republic of China on the country's south coast.
In 2020, Hong Kong exported 551.5 billion dollars worth of goods around the world.
This figure represents a 6.8 percent increase from 2016 to 2019 and a 3 percent increase from 2019 to 2020.
According to a continental perspective, 75.4 percent of Hong Kong's exports were delivered to Asian countries, while 13.5 percent were sold to European importers.
Another 8.2 percent of Hong Kong's exports went to North America.
Africa got 1.1 percent, Oceania got 0.9 percent, and Latin America excluding Mexico but including the Caribbean received smaller percentages 0.9 percent also.
Here is a list of 15 of Hong Kong's most important trading partners in terms of export sales.
That is, in terms of dollar value, the countries that imported the most Hong Kong shipments in 2020.
The percentage of total Hong Kong exports for each import country is also shown.
China with 304.7 billion dollars accounts for 55.2 percent of total exports in Hong Kong
39.9 billion dollars in the United States accounts for 7.2 percent
18.2 billion dollars in the United Kingdom accounts for 3.3 percent
Switzerland has a 15 billion dollars budget which is equivalent to 2.7 percent
14.1 billion dollars in Japan accounts for 2.6 percent
13.2 billion dollars in India accounts for 2.4 percent
13.2 billion dollars in Taiwan accounts for 2.4 percent
11 billion dollars in Vietnam accounts for 2 percent
10.9 billion dollars in Singapore accounts for 2 percent
8.3 billion dollars in the Netherlands account for 1.5 percent
8.1 billion dollars in Germany accounts for 1.5 percent
Thailand is worth 8 billion dollars with 1.5 percent
The United Arab Emirates has a market capitalization of 7.1 billion dollars accounting for 1.3 percent
South Korea is worth 7 billion dollars which accounts for 1.3 percent
Macao has a market capitalization of 5.3 billion dollars accounting for 1 percent
In 2022, the above 15 trade partners will account for nearly nine-tenths or 87.8 percent of Hong Kong's exports.
Switzerland went up by 149.6 percent, the United Kingdom up by 117.9 percent, and Taiwan is the country with the fastest increase in export purchases from Hong Kong from 2019 to 2020 as it went up by 13.4 percent.
Thailand came down by minus 23.2 percent, Macao was down by minus 20.7 percent, India was down by minus 14.7 percent, and the United Arab Emirates down by minus 14.7 percent were the leading year-over-year decliners down by 11.8 percent.
Hong Kong’s Top 10 Imports
In 2020, Hong Kong imported 573.1 billion dollars in goods from around the world, up 4.7 percent from 2016 but down by minus 1 percent from 2019 to 2020.
The Hong Kong dollar has appreciated by 0.1 percent against the US dollar since 2016 and has strengthened by 1 percent from 2019 to 2020, according to the average exchange rate for 2020.
Hong Kong's stronger local currency makes imports paid for in weaker US dollars cheaper when converted to Hong Kong dollars.
From a continental perspective, fellow Asian countries accounted for 86.1 percent of Hong Kong's total imports by value in 2020.
Hong Kong's import purchases were fulfilled by 7.5 percent of European trade partners, while 4.4 percent came from North America.
Latin America with 0.8 percent, excluding Mexico but including the Caribbean, Oceania with 0.7 percent, led by Australia, and Africa with 0.7 percent.
Given Hong Kong's population of 7.5 million people, the Chinese administrative territory's total 573.1 billion dollars in 2020 imports translates to a staggering 76,700 dollars in annual product demand from each individual.
Please keep in mind that because Hong Kong is such a busy trading hub, its import statistics include a significant amount of re-export activity.
The following product groups will account for the majority of Hong Kong's import purchases in 2020.
The percentage share of each product category in terms of total imports into Hong Kong is also shown.
321.7 billion dollars in electrical machinery and equipment accounted for 56.1 percent of total imports
67.2 billion dollars in machinery, including computers, accounted for 11.7 percent
54.7 billion dollars in gems and precious metals accounted for 9.6 percent
17.9 billion dollars in optical, technical, and medical equipment accounts for 3.1 percent
Mineral fuels, including oil, are worth 8.8 billion dollars which is equivalent to 1.5 percent
Cosmetics and perfumes: 8.6 billion accounts for 1.5 percent
7.1 billion dollars in plastics and plastic articles account for 1.2 percent
6.2 billion in clocks and watches, including parts account for 1.1 percent
5.3 billion dollars in meat account for 0.9 percent
4 billion dollars in fruits and nuts account for 0.7 percent
Hong Kong's top ten imports accounted for more than four-fifths of the total value of its product purchases from other trade partners or 87.5 percent.
Perfumes and cosmetics went up by 33.8 percent, electrical machinery, and equipment up by 4.5 percent, and machinery including computers up by 4.5 percent was the fastest growing imports in Hong Kong from 2019 to 2021.
Hong Kong's mineral fuel imports, including oil, were the biggest losers year over year, falling by 38.5 percent.
Hong Kong’s Top 10 Exports
Formerly a British Empire colony and now formally called the Hong Kong Special Administrative Region of the People’s Republic of China, Hong Kong shipped 551.5 billion dollars worth of goods around the globe in 2020.
This figure represents a 6.8 percent increase from 2016 to 2019 and a 3 percent increase from 2019 to 2020.
The Hong Kong dollar has appreciated by 0.1 percent against the US dollar since 2016 and has strengthened by 1 percent from 2019 to 2020, according to the average exchange rate for 2020.
Hong Kong’s stronger local currency makes exports paid for in weaker US dollars relatively more expensive for international buyers.
The latest available country-specific data shows that 84.3 percent of products exported from Hong Kong were bought by importers in mainland China 55.2 percent of the global total, the United States with 7.2 percent, the United Kingdom with 3.3 percent, Switzerland with 2.7 percent, Japan with 2.6 percent, India with 2.4 percent, Taiwan also with 2.4 percent, Vietnam with 2 percent, Singapore with also 2 percent, the Netherlands with 1.5 percent, Germany with 1.5 percent and Thailand also with 1.5 percent.
From a continental perspective, 75.4 percent of Hong Kong’s exports by value were delivered to fellow Asian countries while 13.5 percent were sold to importers in Europe.
Another 8.2 percent of Hong Kong's exports went to North America.
Smaller percentages went to Africa with 1.1 percent, Oceania led by Australia got 0.9 percent then Latin America excluding Mexico but including the Caribbean with also 0.9 percent.
Given Hong Kong’s population of 7.5 million people, its total of 551.5 billion dollars in 2020 exports translates to roughly 73,800 dollars for every resident in the Chinese administrative territory.
The following export product groups represent the highest dollar value in Hong Kong's global shipments during 2020.
Also shown is the percentage share each export category represents in terms of overall exports from Hong Kong.
Electrical machinery, equipment: 311.6 billion dollars with 56.5 percent of total export which accounts for 56.5 percent of total exports
Machinery including computers: 74.8 billion dollars accounts for 13.6 percent
Gems, precious metals: 70.6 billion dollars account for 12.8 percent
Optical, technical, and medical apparatus: 18.4 billion dollars account for 3.3 percent
Plastics, plastic articles: 8 billion dollars account for 1.4 percent
Clocks, watches including parts: 6 billion dollars account for 1.1 percent
Perfumes, cosmetics: 4.9 billion accounts for 0.9 percent
4.6 billion in toys and games accounts for 0.8 percent
Knitted and crocheted clothing and accessories are worth 4.2 billion dollars accounting for 0.8 percent
3.6 billion dollars in clothing and accessories account for 0.7 percent
The top ten exports from Hong Kong accounted for 91.9 percent of the total value of its global shipments.
The fastest-growing export category among the top ten was gems and precious metals, which increased by 30.4 percent from 2019 to 2020.
Perfumes and cosmetics came in second with a 22.8 percent increase in export sales.
Shipments of machinery, including computers, from Hong Kong grew at the third fastest rate, increasing by 6 percent.
Unknitted and non-crocheted clothing or accessories, with a minus 34.7 percent decline year over year, were the leading decliner among Hong Kong's top 10 export categories.
Electronic circuits and micro assemblies had 27.9 percent of total exports, followed by phone system devices including smartphones, which are Hong Kong's most valuable export products at 12.3 percent.
Gold with 7.5 percent, computer parts or accessories with 4.7 percent, computers with 4.4 percent, solar power diodes and semiconductors with 2.6 percent, unmounted diamonds with 1.9 percent, electrical converters, and power units with 1.7 percent, printed circuits also with 1.7 percent, and turbo jets also with 1.7 percent are among Hong Kong's top exports with 1.5 percent.
In terms of macroeconomics, Hong Kong's total exported goods account for 116.7 percent of its overall Gross Domestic Product valued at 472.4 billion in Purchasing Power Parity US dollars in 2020, with a high level of reexporting.
In PPP terms, exports account for 116.7 percent of the overall GDP in 2020, compared to 109.1 percent a year ago.
Those percentages suggest that Hong Kong's total economic performance is becoming less reliant on products sold on international markets, albeit over a short period.
The unemployment rate is another important indicator of a country's economic performance.
According to Trading Economics, Hong Kong's unemployment rate was 6.4 percent in April 2021, up from 5.9 percent a year earlier.
Hong Kong is China's Special Administrative Region with its capital city.
Sources :
https://www.worldstopexports.com/hong-kongs-top-import-partners/
https://www.worldstopexports.com/hong-kongs-top-10-imports/
https://www.worldstopexports.com/hong-kongs-top-10-exports/
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