Hong Kong, a global financial hub and vibrant international trade center, has long been known for its robust export sector and dynamic economy. As one of the world’s busiest ports, Hong Kong serves as a gateway for commodities entering and leaving China and the broader Asia-Pacific region. The country recorded significant export growth in 2024, particularly in industries such as electronics, machinery, textiles, and high-value services like finance and logistics. Let’s talk about Hong Kong’s exports, its economy, and its budget for 2025-26.
Economy Outlook in 2024
- Export Growth: Total goods exports increased by 4.5%.
- Moderate growth: The economy grew by 2.5% despite global challenges.
- Investment increase: Overall investment expenditure grew by 2.4%.
- Tourism boost: Visitor numbers rose by 30% to 45 million, enhancing travel and transport services.
- Consumption decline: Private consumption expenditure slightly declined by 0.6%.
- Wage growth: Median monthly employment earnings increased by 4.8%.
- Low unemployment: The unemployment rate remained low at 3.1%.
- Mild inflation: The underlying consumer price inflation rate was 1.1%.
- Property market: Residential property transactions increased by 23%, while prices fell by 7%; the non-residential market remained stagnant.
- Asset market improvement: The stock market saw an 18% rise in the Hang Seng Index and a 26% increase in average daily turnover.
Hong Kong’s Exports Up in 2024
Hong Kong’s exports stood at USD 551 billion in 2020, increased to USD 640 billion in 2024. Visualize Hong Kong export data with yearly trends of shipments that departed from the country to the world.
| Year | Value USD Billion |
| 2020 | 551 |
| 2021 | 672 |
| 2022 | 611 |
| 2023 | 576 |
| 2024 | 640 |
Hong Kong’s Top Exports in 2024
Hong Kong’s top export commodities in 2024 were- electrical machinery and equipment, nuclear reactors, boilers, machinery and mechanical appliances, pearls and precious stones, optical, photographic, and medical equipment, and crocks and watches. See the values of these products in the chart given below.
| Commodity | Value USD Billion |
| Electrical Machinery and Equipment | 368 |
| Nuclear Reactors, Boilers, Machinery and Mechanical Appliances | 94 |
| Pearls and Precious Stones | 92 |
| Optical, Photographic, Medical Equipment | 14 |
| Clocks and Watches | 6 |
Hong Kong’s Top Export Destinations in 2024
Hong Kong trade data shows Hong Kong’s top export destination was China in 2024, followed by the United States, Vietnam, India, and Taipei, China. Visualize Hong Kong customs data, covering the values of Hong Kong’s top export partners in 2024.
| Country | Value USD Billion |
| China | 378 |
| United States | 40 |
| Vietnam | 19 |
| India | 19 |
| Taipei, Chinese | 18 |
Hong Kong’s Budget 2025-26
In response to persistent global economic headwinds, Hong Kong’s Budget 2025-26 lays out a robust agenda to stimulate economic recovery. The government plans to introduce financial incentives aimed at small and medium enterprises (SMEs) and to streamline regulatory processes to encourage entrepreneurship. By attracting international talent and fostering local start-ups, these measures are designed to drive long-term growth and enhance Hong Kong’s economic resilience.
The Hong Kong 2025-26 Budget introduces a “reinforced version” of the fiscal consolidation program. This program sets a clear pathway toward restoring fiscal balance. A central component of this strategy is a planned cumulative reduction of government recurrent expenditure by seven percent from now through the fiscal year 2027-28. This disciplined approach emphasizes the need to contain public expenditure strictly, yet it advocates for a steady and prudent process that carefully balances the diverse impacts on essential services and social well-being.
Key highlights of the Budget 2025-26 include:
Fiscal consolidation and sustainability: The government is committed to laying a sustainable fiscal foundation for future development, ensuring that the cost-cutting measures do not undermine the quality of public services.
Flexible financing through bond issuance: With the prerequisite of maintaining healthy public finances, the Budget 2025-26 outlines a strategy to expand the size of bond issuance suitably.
Strategic investment in innovation and infrastructure: Recognizing the rapid advancement of technology and innovation, the Budget 2025-26 places significant emphasis on accelerating the development of the Northern Metropolis. This initiative is viewed as an investment in the future, creating long-term economic opportunities and driving regional growth.
The Budget 2025-26 represents an all-out effort to balance fiscal consolidation with strategic investments. That fosters economic resilience. By adopting a cautious yet forward-looking stance, the government aims to minimize the impact on public services. This approach ensures a stable fiscal environment in the near term and supports a vibrant, sustainable economy in the years to come.
Over the years, Hong Kong has adapted to changing global trade dynamics, leveraging business-friendly policies, advanced infrastructure, and strategic location to maintain its position as a key player in international trade. However, its economy is also deeply interwind with global trends. That means regulatory changes, geopolitical factors, and international demand. These factors can impact the outlook for Hong Kong’s exports and overall economic performance in 2025.
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