U.S.-Hong Kong Trade Facts
- In 2020, Hong Kong GDP was an estimated $341.3 billion (current market exchange rates); real GDP was down by an estimated 7.5 percent; and the population was 8 million. (Source: IMF)
- U.S. goods and services trade with Hong Kong totaled an estimated $53.9 billion in 2020. Exports were $36.3 billion; imports were $17.6 billion. The U.S. goods and services trade surplus with Hong Kong was $18.7 billion in 2020.
- Hong Kong is currently our 22nd largest goods trading partner with $31.7 billion in total (two way) goods trade during 2020. Goods exports totaled $23.8 billion; goods imports totaled $7.9 billion. The U.S. goods trade surplus with Hong Kong was $16.0 billion in 2020.
- Trade in services with Hong Kong (exports and imports) totaled an estimated $22.2 billion in 2020. Services exports were $12.5 billion; services imports were $9.7 billion. The U.S. services trade surplus with Hong Kong was $2.7 billion in 2020.
- According to the Department of Commerce, U.S. exports of goods and services to Hong Kong supported an estimated 156,000 jobs in 2019 (latest data available) (85,000 supported by goods exports and 71,000 supported by services exports).
- Hong Kong was the United States' 15th largest goods export market in 2020.
- U.S. goods exports to Hong Kong in 2020 were $23.8 billion, down 22.5 percent ($6.9 billion) from 2019 and down 10 percent from 2010. U.S. exports to Hong Kong account for 1.7 percent of overall U.S. exports in 2020.
- The top export categories (2-digit HS) in 2020 were: electrical machinery ($9.5 billion), precious metal and stone (diamonds) ($2.8 billion), aircraft ($1.5 billion), machinery ($1.5 billion), and optical and medical instruments ($1.2 billion).
- U.S. total exports of agricultural products to Hong Kong totaled $2.1 billion in 2020, our 12th largest agricultural export market. Leading domestic export categories include: beef and beef products ($666 million), tree nuts ($270 million), fresh fruit ($180 million), food preparations ($176 million), and poultry meat and products (excluding eggs) ($107 million).
- U.S. exports of services to Hong Kong were an estimated $12.5 billion in 2020, 9.2 percent ($1.3 billion) less than 2019, but 113 percent greater than 2010 levels. Leading services exports from the U.S. to Hong Kong were in the intellectual property (licenses for the use of research and development), financial services, and professional and management services sectors.
- Hong Kong was the United States' 36th largest supplier of goods imports in 2020.
- U.S. goods imports from Hong Kong totaled $7.9 billion in 2020, up 67.0 percent ($3.2 billion) from 2019, and up 84 percent from 2010.
- The top import categories (2-digit HS) in 2020 were: precious metal and stone (gold) ($5.4 billion), special other (repairs and returns) ($1.2 billion), electrical machinery ($330 million), machinery ($105 million), and knit apparel ($100 million).
- U.S. total imports of agricultural products from Hong Kong totaled $94 million in 2020. Leading categories include: condiments and sauces ($20 million), baked goods, cereals, and pasta ($17 million), non-alcoholic beverages (excluding juices) ($9 million), food preparations ($9 million), and processed fruit and vegetables ($3 million).
- U.S. imports of services from Hong Kong were an estimated $9.7 billion in 2020, 14.7 percent ($1.7 billion) less than 2019, but 32 percent greater than 2010 levels. Leading services imports from Hong Kong to the U.S. were in the transportation, financial services, and professional and management services sectors.
- The U.S. goods trade surplus with Hong Kong was $16.0 billion in 2020, a 38.8 percent decrease ($10.1 billion) over 2019.
- The United States has a services trade surplus of an estimated $2.7 billion with Hong Kong in 2020, up 17.7 percent from 2019.
- U.S. foreign direct investment (FDI) in Hong Kong (stock) was $92.5 billion in 2020, a 3.5 percent increase from 2019. U.S. direct investment in Hong Kong is led by nonbank holding companies, manufacturing, and information services.
- Hong Kong's FDI in the United States (stock) was $16.5 billion in 2020, up 8.8 percent from 2019. Hong Kong's direct investment in the U.S. is led by wholesale trade, real estate, and professional, scientific, and technical services.
- Sales of services in Hong Kong by majority U.S.-owned affiliates were $31.1 billion in 2018 (latest data available), while sales of services in the United States by majority Hong Kong-owned firms were $7.0 billion.