Key Country Contacts
Trade Overview
Hong Kong gross domestic product (GDP) per capita is comparable to other developed countries. The United States has substantial economic ties with Hong Kong. A report done by the U.S. State Department indicates that there are some 1,100 U.S. firms and about 54,000 U.S. residents in Hong Kong. The latest available figures on U.S. direct investment in Hong Kong show investment at about $50.5 billion, making the United States one of Hong Kong's largest investors.
Trade between the United States and Hong Kong has been increasing in the last few years, with a growth in U.S. exports from $12.6 billion in 2002 to almost $26.6 billion in 2010. Total trade between the United States and Hong Kong totaled $31 billion in 2010, according to the U.S. Department of Commerce.
Hong Kong is California's 6th largest trading partner, exporting approximately $6.8 billion in 2010. The top category of exports from Hong Kong was Computer and Electronic products, with nearly 45 percent, totalling over $3 billion. Miscellaneous manufactured commodities, agricultural products and transportation were the other top export categories from Hong Kong, representing 17 percent, 11 percent and 6 percent respectively.
U.S. Department of Commerce
US Census Bureau Trade in Goods - Hong Kong
WTO Trade Profile - Hong Kong
U.S. - Hong Kong Wine Agreement
Commerce Secretary Gary Locke Signs Agreement Promoting U.S. Wines in Hong Kong and Asia
May 17, 2010
California vintners thirsty for a taste of China's
booming wine market
Los Angeles Times, May 25, 2010
World Competitiveness Yearbook 2011 names Hong Kong the most competitive economy for the first time, together with the United States. The Yearbook, ranks the ability of economies across the world to create and maintain an environment that sustains the competitiveness of enterprises therein. The report selected 59 economies for ranking.
International Luncheon Forum: US/CA - Hong Kong Relations
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| Donald Tong, Hong Kong commissioner and CalChamber President Allan Zaremberg. |
(February 23, 2010) Despite the recent global recession, Hong Kong has turned doldrums into opportunities by making duty-free wine a key catalyst for economic prosperity, Hong Kong Commissioner Donald Tong said yesterday.
Tong spoke at a Sacramento international luncheon forum hosted by the California Chamber of Commerce and the Hong Kong Economic and Trade Office in San Francisco. He discussed how Hong Kong, a special administrative region of the People’s Republic of China, has managed to preserve its commitment to free market principles and competitive spirit while dealing with the slow economy.
In 2008, Hong Kong removed duty off wine, making it the first duty-free wine port amongst major economies.
“Removal of wine duties certainly helps encourage more locals and tourists to drink in Hong Kong, but this measure was introduced with a much bigger objective in mind: The development of Hong Kong into a hub for wine-related business,” Tong said. Read Full Article