Hong Kong skyline from above

Hong Kong Imports

Hong Kong Imports

Imports in Hong Kong

The economy of Hong Kong recorded an average growth rate of 0.9% in imports over the decade to 2022. In 2022, import growth was -12.2%. For more imports information, visit our dedicated page.

Hong Kong Imports Chart

Note: This chart displays Imports (G&S, ann. var. %) for Hong Kong from 2020 to 2024.
Source: Macrobond.

Hong Kong Imports Data

2020 2021 2022 2023 2024
Imports (G&S, ann. var. %) -6.7 15.9 -12.3 -5.3 3.5

Economy records fastest growth since Q4 2023 in the first quarter

GDP reading: GDP growth sped up to 3.1% year on year in the first quarter from 2.5% in the fourth quarter of last year and marked the strongest expansion since Q4 2023. Rebounding fixed investment, higher tourism, and a surge in goods exports as firms front-loaded shipments ahead of looming U.S. tariffs underpinned the reading, while private consumption remained downbeat as Hong Kongers preferred to spend money on the mainland. On a seasonally-adjusted quarter-on-quarter basis, economic growth improved to 2.0% in Q1, compared to the previous quarter's 0.9% expansion.

Drivers: Private consumption fell 1.2% in the first quarter, marking the fourth straight period of contraction. Government spending grew 1.2% (Q4 2024: +2.1% yoy). Meanwhile, fixed investment bounced back, growing 2.8% in Q1, contrasting the 0.7% decrease recorded in the previous quarter. Exports of services growth accelerated to 6.6% in Q1 (Q4 2024: +6.5% yoy). Conversely, imports of services growth moderated to 6.2% in Q1 (Q4 2024: +8.3% yoy). Exports and imports of goods growth rose sharply to 8.7% and 7.4% respectively, from 1.3% and 0.4% in the prior quarter.

Panelist insight: United Overseas Bank’s Ho Woei Chen commented on subdued private spending: “The change in local consumption pattern where residents choose to spend across the border is becoming more entrenched. Coupled with weaker purchasing power from mainland visitors, this will weigh on Hong Kong’s economic recovery prospects.” On exports, Nomura analysts said: “The robust performance in net exports was largely due to the front-loading of global trade ahead of Trump’s “reciprocal” tariffs announced on 2 April and the vastly intensified tit-for-tat US-China trade war. However, as most of these tariffs became effective from 9 April, exports are likely to face significant challenges in the coming months.”

Consensus Forecasts and Projections for the next ten years

How should you choose a forecaster if some are too optimistic while others are too pessimistic? FocusEconomics collects Hong Kong imports projections for the next ten years from a panel of 9 analysts at the leading national, regional and global forecast institutions. These projections are then validated by our in-house team of economists and data analysts and averaged to provide one Consensus Forecast you can rely on for each indicator. By averaging all forecasts, upside and downside forecasting errors tend to cancel each other out, leading to the most reliable imports forecast available for Hong Kong imports.

Download one of our sample reports to visualize what a Consensus Forecast is and see our Hong Kong imports projections.

Want to get access to the full dataset of Hong Kong imports forecasts? Send an email to info@focus-economics.com.

Latest Global GDP News

Free sample report

Interested in economic reports, analysis and data? FocusEconomics provides data, forecasts and analysis for hundreds of countries and commodities. Request your free sample report now.

Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest X Download Fullscreen