Hong Kong HK: BOP: Current Account: Imports: Service data was reported at 77.045 USD bn in 2017. This records an increase from the previous number of 74.478 USD bn for 2016. Hong Kong HK: BOP: Current Account: Imports: Service data is updated yearly, averaging 66.212 USD bn from Dec 1998 (Median) to 2017, with 20 observations. The data reached an all-time high of 77.045 USD bn in 2017 and a record low of 41.643 USD bn in 1999. Hong Kong HK: BOP: Current Account: Imports: Service data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Hong Kong – Table HK.World Bank: Balance of Payments: Current Account. Services refer to economic output of intangible commodities that may be produced, transferred, and consumed at the same time. Data are in current U.S. dollars.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; Gap-filled total; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards. Manufacturing services on physical inputs owned by others (goods for processing in BPM5) and maintenance and repair services n.i.e. are reclassified from goods to services.

Hong Kong HK: BOP: Current Account: Trade in Services: % of GDP data was reported at 53.055 % in 2017. This records a decrease from the previous number of 53.918 % for 2016. Hong Kong HK: BOP: Current Account: Trade in Services: % of GDP data is updated yearly, averaging 57.378 % from Dec 1998 (Median) to 2017, with 20 observations. The data reached an all-time high of 66.680 % in 2012 and a record low of 41.459 % in 1998. Hong Kong HK: BOP: Current Account: Trade in Services: % of GDP data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Hong Kong – Table HK.World Bank: Balance of Payments: Current Account. Trade in services is the sum of service exports and imports divided by the value of GDP, all in current U.S. dollars.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files, and World Bank and OECD GDP estimates.; Weighted Average; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

Hong Kong HK: BOP: Current Account: Exports: Service data was reported at 104.109 USD bn in 2017. This records an increase from the previous number of 98.533 USD bn for 2016. Hong Kong HK: BOP: Current Account: Exports: Service data is updated yearly, averaging 64.562 USD bn from Dec 1998 (Median) to 2017, with 20 observations. The data reached an all-time high of 106.922 USD bn in 2014 and a record low of 27.204 USD bn in 1998. Hong Kong HK: BOP: Current Account: Exports: Service data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Hong Kong SAR – Table HK.World Bank.WDI: Balance of Payments: Current Account. Services refer to economic output of intangible commodities that may be produced, transferred, and consumed at the same time. Data are in current U.S. dollars.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; Gap-filled total; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards. Manufacturing services on physical inputs owned by others (goods for processing in BPM5) and maintenance and repair services n.i.e. are reclassified from goods to services.

Hong Kong HK: Imports: % of Commercial Service Imports: Services: Insurance & Financial data was reported at 8.395 % in 2017. This records an increase from the previous number of 8.240 % for 2016. Hong Kong HK: Imports: % of Commercial Service Imports: Services: Insurance & Financial data is updated yearly, averaging 5.462 % from Dec 1998 (Median) to 2017, with 20 observations. The data reached an all-time high of 8.473 % in 2015 and a record low of 3.480 % in 2000. Hong Kong HK: Imports: % of Commercial Service Imports: Services: Insurance & Financial data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Hong Kong SAR – Table HK.World Bank.WDI: Imports. Insurance and financial services cover freight insurance on goods imported and other direct insurance such as life insurance; financial intermediation services such as commissions, foreign exchange transactions, and brokerage services; and auxiliary services such as financial market operational and regulatory services.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; Weighted average;

Hong Kong HK: BoP: Current Account: Services: Financial: Debit data was reported at 5.040 USD bn in 2017. This records an increase from the previous number of 4.714 USD bn for 2016. Hong Kong HK: BoP: Current Account: Services: Financial: Debit data is updated yearly, averaging 2.975 USD bn from Dec 1998 (Median) to 2017, with 20 observations. The data reached an all-time high of 5.040 USD bn in 2017 and a record low of 824.180 USD mn in 2000. Hong Kong HK: BoP: Current Account: Services: Financial: Debit data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Hong Kong – Table HK.IMF.BOP: BPM6: Balance of Payments: Detailed Presentation: Annual.

Imports of goods and services of Hong Kong decreased by 1.67% from 682,880,893,266 US dollars in 2022 to 671,492,032,451 US dollars in 2023. Since the 21.70% jump in 2021, imports of goods and services slumped by 8.28% in 2023. Imports of goods and services comprise all transactions between residents of a country and the rest of the world involving a change of ownership from nonresidents to residents of general merchandise, non-monetary gold, and services. Data are in current U.S. dollars.

Hong Kong HK: BOP: Current Account: Imports: Service: Communications, Computer, etc: % of Service Imports data was reported at 14.802 % in 2017. This records a decrease from the previous number of 15.256 % for 2016. Hong Kong HK: BOP: Current Account: Imports: Service: Communications, Computer, etc: % of Service Imports data is updated yearly, averaging 50.236 % from Dec 1998 (Median) to 2017, with 20 observations. The data reached an all-time high of 54.151 % in 2006 and a record low of 14.802 % in 2017. Hong Kong HK: BOP: Current Account: Imports: Service: Communications, Computer, etc: % of Service Imports data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Hong Kong – Table HK.World Bank: Balance of Payments: Current Account. Communications, computer, information, and other services cover international telecommunications; computer data; news-related service transactions between residents and nonresidents; construction services; royalties and license fees; miscellaneous business, professional, and technical services; personal, cultural, and recreational services; manufacturing services on physical inputs owned by others; and maintenance and repair services and government services not included elsewhere.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; Weighted Average; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

Imports of goods, services and primary income of Hong Kong climb by 0.87% from 890,010,191,379 US dollars in 2022 to 897,722,084,760 US dollars in 2023. Since the 6.48% slump in 2020, imports of goods, services and primary income rocketed by 15.01% in 2023. Imports of goods, services and income is the sum of goods (merchandise) imports, imports of (nonfactor) services and income (factor) payments. Data are in current U.S. dollars.

The Hong Kong Trade Finance market, valued at $57 million in 2025, is projected to experience robust growth, driven by the city's strategic position as a global financial hub and a gateway to mainland China. The 6.50% CAGR indicates a significant expansion over the forecast period (2025-2033). Key drivers include increasing international trade, particularly within Asia-Pacific, the burgeoning e-commerce sector facilitating digital trade finance solutions, and supportive government policies aimed at strengthening Hong Kong's financial infrastructure. Growth will likely be fueled by banks like Bank of China, Standard Chartered, and HSBC, leveraging their established networks and expertise. While the market faces potential restraints such as geopolitical uncertainties and global economic fluctuations, the resilience of Hong Kong's financial system and its proactive adaptation to technological advancements in trade finance suggest continued expansion. The segmentation reveals a dynamic interplay between service providers (banks holding a dominant share, followed by trade finance companies and insurance companies) and application (with international trade likely outweighing domestic due to Hong Kong's role as an international trade facilitator). The Asia-Pacific region, particularly mainland China, will remain a crucial market for Hong Kong-based trade finance providers. The projected growth trajectory suggests that by 2033, the market size could exceed $100 million. This optimistic outlook is tempered by the inherent volatility of the global financial landscape. However, Hong Kong’s ongoing efforts to enhance its fintech capabilities and solidify its position within regional trade routes should mitigate potential risks and contribute to sustained market expansion. The consistent involvement of major international and regional banks underscores the market's stability and its attractiveness to substantial investment. Further analysis focusing on specific segments and regional contributions would yield a more granular understanding of the market’s future dynamics. Recent developments include: August 2023: Hang Seng Bank increased its presence in the cross-border wealth management sector by leveraging the "Wealth Connect" system, which connects mainland China, Hong Kong, and the Greater Bay Area., May 2023: Standard Chartered successfully finalized the acquisition of RBC Investor Services Trust in Hong Kong, integrating it into a newly authorized entity known as Standard Chartered Trustee (Hong Kong) Ltd.. Key drivers for this market are: Accelerated Digital Adoption is Driving the Market, Economic Conditions. Potential restraints include: Accelerated Digital Adoption is Driving the Market, Economic Conditions. Notable trends are: Technological Advancements and Digitalization are Driving the Market.

Insurance and financial services (% of service imports, BoP) in Hong Kong was reported at 12.4 % in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Hong Kong - Insurance and financial services (% of service imports, BoP) - actual values, historical data, forecasts and projections were sourced from the World Bank on June of 2025.

Hong Kong HK: BOP: Current Account: Exports: Service: Travel: % of Service Exports data was reported at 31.988 % in 2017. This records a decrease from the previous number of 33.335 % for 2016. Hong Kong HK: BOP: Current Account: Exports: Service: Travel: % of Service Exports data is updated yearly, averaging 22.155 % from Dec 1998 (Median) to 2017, with 20 observations. The data reached an all-time high of 37.159 % in 2013 and a record low of 18.704 % in 2000. Hong Kong HK: BOP: Current Account: Exports: Service: Travel: % of Service Exports data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Hong Kong – Table HK.World Bank: Balance of Payments: Current Account. Travel covers goods and services acquired from an economy by travelers for their own use during visits of less than one year in that economy for either business or personal purposes. Travel includes local transport (i.e., transport within the economy being visited and provided by a resident of that economy), but excludes international transport (which is included in passenger transport. Travel also excludes goods for resale, which are included in general merchandise.; ; International Monetary Fund, Balance of Payments Statistics Yearbook and data files.; Weighted Average; Note: Data are based on the sixth edition of the IMF's Balance of Payments Manual (BPM6) and are only available from 2005 onwards.

Secondary income, other sectors, payments of Hong Kong leapt by 9.85% from 3,707,643,346 US dollars in 2022 to 4,072,919,200 US dollars in 2023. Since the 4.99% downward trend in 2021, secondary income, other sectors, payments improved by 0.40% in 2023. Current transfers are recorded in the balance of payments whenever an economy provides or receives goods, services, income, or financial items without a quid pro quo. All transfers not considered to be capital are current. Data are in current U.S. dollars.

Hong Kong HK: BoP: Current Account: Services: Other Business data was reported at 2.070 USD bn in 2015. This records an increase from the previous number of 2.056 USD bn for 2014. Hong Kong HK: BoP: Current Account: Services: Other Business data is updated yearly, averaging 2.850 USD bn from Dec 1998 (Median) to 2015, with 18 observations. The data reached an all-time high of 4.157 USD bn in 2000 and a record low of 1.173 USD bn in 2011. Hong Kong HK: BoP: Current Account: Services: Other Business data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Hong Kong – Table HK.IMF.BOP: BPM6: Balance of Payments: Detailed Presentation: Annual.

In 2024, the gross domestic product (GDP) of Hong Kong amounted to around 407 billion U.S. dollars at current prices, equivalent to around 3.18 trillion Hong Kong dollars. The city’s GDP grew by 2.5 percent that year. Hong Kong’s GDP in comparison The GDP measures the total value of all goods and services produced in an economy over a certain period. Together with unemployment and inflation, it is one of the most observed economic indicators. While GDP figures in the local currency are sometimes more useful for analyzing internal economic developments, values in international currencies are important for regional comparison.Among economies in Asia-Pacific, Hong Kong’s nominal GDP is comparatively small. However, as an advanced economy and a global financial hub, the city’s per capita GDP is one of the highest in the region, only second to Singapore and Australia. Hong Kong’s economic development As an important international hub for finance and trade, Hong Kong’s economy is dominated by the service sector. Financial services contributed more than 20 percent to the city’s GDP and displayed one of the highest sectoral growth rates over the last decade. Hong Kong’s economic growth suffered severely during the COVID-19 pandemic but returned to sustained growth in 2023.

Hong Kong HK: BoP: Current Account: Services: Credit data was reported at 104.109 USD bn in 2017. This records an increase from the previous number of 98.533 USD bn for 2016. Hong Kong HK: BoP: Current Account: Services: Credit data is updated yearly, averaging 64.562 USD bn from Dec 1998 (Median) to 2017, with 20 observations. The data reached an all-time high of 106.922 USD bn in 2014 and a record low of 27.204 USD bn in 1998. Hong Kong HK: BoP: Current Account: Services: Credit data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Hong Kong SAR – Table HK.IMF.BOP: BPM6: Balance of Payments: Analytical Presentation: Annual.

In 2024, the gross domestic product (GDP) of Hong Kong increased by around *** percent in real terms compared to the previous year. GDP growth is estimated to reach around *** percent in 2025. The quarterly GDP growth rate in Hong Kong stood at *** percent in the fourth quarter of 2024. Drivers of growth in Hong Kong Hong Kong’s economy is dominated by the service sector, which contributes more than ** percent to the city’s GDP. This is related to Hong Kong’s status as a global financial hub and a service center for trade and investment flows from and into mainland China. Financial services, trading and logistics, professional services, and tourism are key industries in the city, with financial services alone contributing more than ** percent to the GDP. Over the last decade, financial services displayed the highest sectoral growth rates, while trading and logistics, as well as professional services, provided a significant number of jobs in the city. Current economic development The COVID-19 pandemic and consequent travel restrictions had a bad effect on Hong Kong’s economy. However, economic development stumbled already earlier with GDP growth turning negative in 2019. In real terms, the GDP is expected to finally exceed its 2018 level in 2025. GDP growth in the upcoming years is forecasted to remain slightly below ***** percent on average.

Hong Kong is a global financial hub, with few regulatory barriers for foreign banks and card payment participants. It has close ties with mainland China for smooth cross-border trade. The growing payment card market and favorable regulations encourage banks from mainland China and other overseas markets to expand into Hong Kong; Bank of China, Citibank and Standard Chartered have a strong presence in Hong Kong’s cards and payments industry.
Hong Kong’s payment card market is highly developed, with card penetration of 3.4 cards per individual. The average annual spend per card stood at US$4,339.7 in 2015 – higher than New Zealand, Singapore, South Korea, Taiwan and Japan.
Banking penetration is very high in Hong Kong, recording 96.1%. To increase this, the HKMA named HSBC, Standard Chartered and Bank of China as major financial service providers in November 2015. The banks are responsible for the release of financial products and services in phases to consumers in remote areas, senior citizens and unbanked consumers. High banking penetration resulted in an increase in the total number of bank accounts, and products such as consumer loans and payment cards. Read More

The total assets of the British bank HSBC increased considerably between 2007 and 2024, despite some fluctuation. In 2024, the total assets of the HSBC bank exceeded three trillion U.S. dollars, which was a slight decline compared to the previous year. Overall, HSBC's assets increased steadily between 2016 and 2024, reflecting the bank's overall financial strength despite changing global market conditions. HSBC - additional information HSBC Holdings plc is a British multinational bank and financial services organization based in London, United Kingdom. The company is a parent of the Hong Kong and Shanghai Banking Corporation Limited, which was founded by Scotsman Sir Thomas Sutherland in 1865. Due to its history, HSBC sees both the Hong Kong and United Kingdom as its home markets and has a dual primary listing on both London and Hong Kong Stock Exchange. The holding company is also counted among the largest banks in the world based on market capitalization, with a total market cap of 176 billion U.S. dollars in 2024.Despite being among the largest banks in the world, HSBC was not listed as one of the most valuable banking brands worldwide in 2024, but remained among the leading banking brands in the United Kingdom.

Hong Kong HK: BoP: Current Account: Services: Transport data was reported at 12.918 USD bn in 2017. This records an increase from the previous number of 11.247 USD bn for 2016. Hong Kong HK: BoP: Current Account: Services: Transport data is updated yearly, averaging 10.868 USD bn from Dec 1998 (Median) to 2017, with 20 observations. The data reached an all-time high of 14.216 USD bn in 2011 and a record low of 5.163 USD bn in 1998. Hong Kong HK: BoP: Current Account: Services: Transport data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Hong Kong – Table HK.IMF.BOP: BPM6: Balance of Payments: Detailed Presentation: Annual.

Hong Kong HK: BoP: Current Account: Services: Government Goods & Services, n.i.e.: Credit data was reported at 95.720 USD mn in 2016. This records an increase from the previous number of 94.301 USD mn for 2015. Hong Kong HK: BoP: Current Account: Services: Government Goods & Services, n.i.e.: Credit data is updated yearly, averaging 67.383 USD mn from Dec 1998 (Median) to 2016, with 19 observations. The data reached an all-time high of 95.720 USD mn in 2016 and a record low of 49.191 USD mn in 1998. Hong Kong HK: BoP: Current Account: Services: Government Goods & Services, n.i.e.: Credit data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Hong Kong SAR – Table HK.IMF.BOP: BPM6: Balance of Payments: Detailed Presentation: Annual.