Top Hong Kong Imports & Exports

In 2007, Hong Kong exported an estimated US$346 billion worth of goods onto the international trade marketplace while importing roughly $366 billion in products. The result was Hong Kong’s overall $20-billion trade deficit last year.

Mainland China continues to be Hong Kong’s principal trade partner for exports, accounting for an estimated 47.8% of the Asian trade hub’s shipments last year. Other leading customers for exports from Hong Kong are the United States (12.4%) and Japan (4%).

Hong Kong exports include appliances, clothing, electrical machinery, clocks and toys.

The People’s Republic also exports 46.3% of Hong Kong’s total for imported products. Other leading exporters into Hong Kong are Japan (10% of total imports), Singapore (7.1%), Taiwan (7.1%), the U.S. (4.9%) and South Korea (4.3%). Hong Kong imports include raw materials and semi-manufactured products, consumer goods, food and fuels.

Hong Kong Trade with U.S.

While mainland China enjoyed a $256.3 billion surplus with America in 2007, Hong Kong experienced a US$13.1-billion trade deficit with its American trade partner in 2007. The most recent surplus statistic is 280% higher than the Hong Kong-US deficit in 2003 and represents a 33.2% increase from the $9.8 billion deficit in 2006.

Contrasted with mainland China’s blossoming trade surpluses, the growing Hong Kong deficit in its trade with the U.S. begs the question: Is America buying more Chinese products directly from mainland businesses, therefore circumventing a major Asian trade hub?

Hong Kong Imports from U.S.

Hong Kong imports from the U.S. rose by 13.2% to $20.1 billion in 2007, up 149% since 2003.

Of American exports to Hong Kong in 2007, the following product categories had the highest values and in total represented 55.8% of all U.S. shipments into Hong Kong.

1. Semiconductors … US$3.2 billion – up 4.7% from 2006 (16% of Hong Kong imports from America)
2. Gem diamonds … $1.7 billion – up 29.8% (8.2%)
3. Telecommunications equipment … $1.1 billion – up 43.5% (5.4%)
4. Computer accessories … $1 billion – down 24.5% (5.1%)
5. Electric apparatus … $924.5 million – down 2% (4.6%)
6. Complete civilian aircraft … $875.7 million – up 351.9% (4.4%)
7. Plastic materials … $859.3 million – down 2.8% (4.3%)
8. Jewelry … $820.7 million – up 17.2% (4.1%)
9. Other industrial supplies … $403.3 million – up 3.3% (2%)
10. Other chemicals … $369.4 million – up 10.5% (1.8%).

Fastest-Growing Hong Kong Imports from U.S.

Below are selected American exports to Hong Kong in 2007 with the highest percentage sales increases from 2006.

1. Unmanufactured tobacco … US$3 million (up 491%)
2. Complete civilian aircraft … $875.7 million (up 352%)
3. Other precious metals … $99.5 million (up 148%)
4. Automotive tires and tubes … $6.9 million (up 114%)
5. Pulpwood… $9.3 million (up 90%).

Fastest-Declining Hong Kong Imports from U.S.

Selected American exports to Hong Kong in 2007 with the highest percentage sales decreases from 2006 are listed below.

1. Fuel oil … US$10 million (down 86% from 2006)
2. Audio and visual tapes … $9.2 million (down 74%)
3. Nonmonetary gold … $33.7 million (down 37%)
4. Manufactured tobacco … $11.7 million (down 37%)
5. Corn … $7.6 million (down 37%).

Hong Kong Exports to U.S.

With a population of 7 billion, Hong Kong exported US$7 billion worth of merchandise to the United States in 2007, an 11.5% decrease from 2006 and down by 20.6% in 4 years. The following product categories represent about two-thirds of Hong Kong exports to America.

1. Cotton apparel and household goods … US$1.7 billion – down 21.8% from 2006 (23.9% of Hong Kong-to-U.S. exports)
2. Jewelry including rings and watches … $627.2 million – down 1.8% (8.9%)
3. Telecommunications equipment … $372.3 million – up 25.7% (5.3%)
4. Non-cotton apparel and household goods … $350.2 million – down 40.4% (5%)
5. Other household goods including clocks … $223.6 million – up 4.4% (3.2%)
6. Electric apparatus and parts … $219.7 million – up 6.5% (3.1%)
7. Toys and sporting goods including bicycles … $216.8 million – down 4.8% (3.1%)
8. Other automotive parts and accessories … $198.4 million – up 70.6% (2.8%)
9. Printed materials including books and magazines … $181.6 million – down 10.1% (2.6%)
10. Computer accessories … $159.2 million – up 4.8% (2.3%).

Fastest-Growing Hong Kong Exports to U.S.

Below are selected Hong Kong exports to America in 2007 with the highest percentage sales increases from 2006.

1. Other precious metals … $15.2 million (up 7,087% from 2006)
2. Computers … $31 million (up 509%)
3. Unmanufactured steelmaking and ferroalloying materials … $2.5 million (up 462%)
4. Food and tobacco processing machinery … $10.3 million (up 136%)
5. Miscellaneous materials including hair and waste … $2.1 million (up 124%).

Fastest-Declining Hong Kong Exports to U.S.

Selected Hong Kong exports to America in 2007 with the highest percentage sales decreases from 2006 are listed below.

1. Agricultural machinery and equipment … US$1.4 million (down 73% from 2006)
2. Nonmonetary gold … $2.4 million (down 61%)
3. Pleasure boats and motors … $11 million (down 53%)
4. Wool apparel and household goods … $59.5 million (down 49%)
5. Records, tapes and discs … $29.9 million (down 49%).

Sources for this Article

This article presents independent calculations and insights based on data drawn from the CIA World Factbook and the U.S. Census Bureau – Foreign Trade Statistics.

Hong Kong: Still A Gateway To Mainland China?

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