That amount of Hong Kong’s international spending results from a 13.3% increase compared to $578.6 billion 5 years earlier during 2019.
From 2022 to 2023, the overall cost of products imported into Hong Kong fell by -2% from $669.1 billion.
Based on the average exchange rate for 2023, the Hong Kong dollar appreciated by 0.1% against the US dollar since 2019 and increased by a modest 0.02% from 2022 to 2023. Hong Kong’s stronger local currency makes Hong Kong’s import purchases paid for in slightly weaker US dollars relatively less expensive when converted starting from Hong Kong dollars.
Hong Kong’s Best International Suppliers
The latest available country-specific data shows that 85.8% of products imported into Hong Kong was furnished by exporters in: mainland China (40% of the global total), Taiwan (10.3%), Singapore (6.8%), Japan (5.2%), South Korea (4.4%), United States of America (4%), Malaysia (2.9%), Switzerland (2.8%), United Kingdom (2.7%), Vietnam (2.6%), United Arab Emirates (2.2%) and Thailand (1.8%).
From a continental perspective, 81.2% of Hong Kong’s total imports by value in 2023 was purchased from fellow Asian countries. Trade partners located in Europe fulfilled 11.5% of import purchases by Hong Kong while 4.7% worth originated from North America.
Much smaller percentages came from Oceania (1.3%) led by Australia, Africa (0.7%) then Latin America (0.6%) excluding Mexico but including the Caribbean.
Given Hong Kong ‘s population of 7.54 million people, its total $655.5 billion in 2023 imports translates to about $87,000 in yearly product demand from every person in the Chinese administrative territory. That per-capita expenditure lags the average $95,600 one year earlier in 2022.
Hong Kong’s Top 10 Imports
The following product groups represent the highest dollar value in Hong Kong’s import purchases during 2023. Also shown is the percentage share each product category represents in terms of overall imports into Hong Kong.
- Electrical machinery, equipment: US$344.5 billion (52.6% of total imports)
- Gems, precious metals: $110.3 billion (16.8%)
- Machinery including computers: $68.1 billion (10.4%)
- Mineral fuels including oil: $14.5 billion (2.2%)
- Optical, technical, medical apparatus: $13.2 billion (2%)
- Clocks, watches including parts: $8.4 billion (1.3%)
- Perfumes, cosmetics: $7.2 billion (1.1%)
- Collector items, art, antiques: $6.6 billion (1%)
- Plastics, plastic articles: $5.1 billion (0.8%)
- Leather/animal gut articles: $4.6 billion (0.7%)
Hong Kong’s top 10 imports generated almost nine-tenths (88.9%) of the overall value of the Chinese province’s product purchases from other trade partners.
The fastest growers among Hong Kong’s top imports from 2022 to 2023 were items made from leather or animal gut (up 40.5%), gems and precious metals (up 29.8%) led by gold and silver, then clocks and watches including parts (up 11%).
Decliners were Hong Kong’s imports of plastics (down -15.6% from 2022) both as materials and items made from plastic, as well as optical, technical and medical apparatus (down -11.9%).
Please note that the results listed above are at the 2-digit Harmonized Tariff System code level.
Information below drills down to the more detailed 4-digit level.
Hong Kong’s Main Electronics Imports
In 2023, Hong Kong importers spent the most on the following 10 subcategories of electronic equipment including consumer electronics.
- Integrated circuits/microassemblies: US$202.8 billion (down -8.9% from 2022)
- Phone devices including smartphones: $60.3 billion (up 1.2%)
- Solar power diodes/semi-conductors: $16.6 billion (down -12.1%)
- Flat panel displays: $10.1 billion (down -8.8%)
- Printed circuits: $7.3 billion (down -14.4%)
- Electrical converters/power units: $6.9 billion (down -11.1%)
- TV/radio/radar device parts: $6.3 billion (down -10.3%)
- Lower-voltage switches, fuses: $6 billion (down -16.2%)
- Unrecorded sound media: $4.8 billion (down -19.6%)
- Electrical capacitators: $4.7 billion (down -14.3%)
Among these import subcategories, Hong Kong’s purchases of phone devices including smartphones was the lone gainer via a modest 1.2% gain from 2022 to 2023.
These amounts and the percentage changes within parenthesis clearly show where the strongest demand lies for different types of imported electronics among Hong Kong businesses and consumers.
Hong Kong’s Main Gems and Precious Metals Imports
In 2023, Hong Kong importers spent the most on the following 10 subcategories of precious metals and gems.
- Gold (unwrought): US$59.9 billion (up 57.4% from 2022)
- Jewelry: $21.1 billion (up 11.9%)
- Diamonds (unmounted/unset): $15.5 billion (down -1.1%)
- Platinum (unwrought): $4.5 billion (up 1.7%)
- Silver (unwrought): $2.7 billion (up 11.8%)
- Precious/semi-precious stones (unstrung): $2.4 billion (up 44.3%)
- Precious metal waste, scrap: $1.7 billion (up 31.8%)
- Synthetic precious stones: $842 million (down -18.4%)
- Pearls: $601.3 million (up 43.5%)
- Imitation jewelry: $346.4 million (up 1.7%)
Among these import subcategories, Hong Kong’s purchases of gold (up 57.4%), unstrung precious or semi-precious stones (up 44.3%) then pearls (up 43.5%) grew at the fastest pace from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported precious metals and gems among Hong Kong businesses and consumers.
Hong Kong’s Main Machinery Imports Including Computers
In 2023, Hong Kong importers spent the most on the following 10 subcategories of machinery including computers.
- Computers, optical readers: US$20.5 billion (down -13.9% from 2022)
- Turbo-jets: $17.7 billion (up 34.8%)
- Computer parts, accessories: $17.6 billion (down -30.6%)
- Printing machinery: $2.8 billion (down -12.2%)
- Machinery for making semi-conductors: $1.9 billion (up 61.5%)
- Miscellaneous machinery: $850.4 million (down -8.3%)
- Air conditioners: $685 million (down -13.8%)
- Air or vacuum pumps: $671.6 million (down -18%)
- Machinery parts: $475.3 million (up 14.7%)
- Taps, valves, similar appliances: $435.8 million (down -11.5%)
Among these import subcategories, Hong Kong’s purchases of machinery for making semi-conductors (up 61.5%), turbo-jets (up 34.8%) then machinery parts (up 14.7%) grew from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported machinery among Hong Kong businesses and consumers.
Hong Kong’s Main Imports of Mineral Fuels-Related Products
In 2023, Hong Kong importers spent the most on the following 10 subcategories of mineral fuels including oil.
- Processed petroleum oils: US$10.4 billion (up 8.9% from 2022)
- Petroleum gases: $2.5 billion (up 0.8%)
- Electrical energy: $832.4 million (down -5.7%)
- Coal, solid fuels made from coal: $806.4 million (down -48.3%)
- Petroleum oil residues: $17.9 million (down -13.6%)
- Petroleum jelly, mineral waxes: $2.4 million (down -8.9%)
- Asphalt/petroleum bitumen mixes: $1.9 million (down -13.5%)
- Peat: $708,000 (down -34.2%)
- Coal tar oils (high temperature distillation): $535,000 (down -41%)
- Natural bitumen, asphalt, shale: $28,000 (down -75.4%)
Among these import subcategories, Hong Kong’s purchases of processed petroleum oils (up 8.9%) and petroleum gases (up 0.8%) grew from 2022 to 2023.
These amounts and the percentage gains within parenthesis clearly show where the strongest demand lies for different types of imported mineral fuels and related goods among Hong Kong businesses and consumers.
See also China’s Top 10 Imports, China’s Top Trading Partners, Top Chinese Trade Balances, China’s Top 10 Major Export Companies, Hong Kong’s Top 10 Exports and Hong Kong’s Top 10 Imports
Research Sources:
Central Intelligence Agency, The World Factbook Country Profiles. Accessed on October 20, 2024
International Monetary Fund, Exchange Rates selected indicators (China P.R. Hong Kong Domestic Currency per U.S. dollar, period average). Accessed on October 20, 2024
International Trade Centre, Trade Map. Accessed on October 20, 2024
Wikipedia, Hong Kong. Accessed on October 20, 2024