US$33.8b trade surplus in favor of US, testament to solid ties with HKLocal | 2 Jul 2019 8:13 pm
The United States booked a bilateral trade surplus in goods and services worth US$33.8 billion with Hong Kong last year, the Chief Secretary, Matthew Cheung Kin-chung, said today at a reception held by the United States Consulate General in Hong Kong and Macau in celebration of US Independence Day.
The US was Hong Kong's second largest merchandise trading partner in the world after mainland China, while Hong Kong was the 10th largest export market for the US.
Hong Kong is the third largest market for US$130 million worth of wine, fourth largest market for US$1 billion of beef and beef products and seventh largest market for US$4 billion consumer-oriented agricultural products, Cheung said.
“The US enjoys its highest trade surplus with Hong Kong among all economies. The trade balance is heavily in your favor. We can let the facts speak for themselves. According to US statistics, over the past decade from 2009 to 2018, the aggregate merchandise trade surplus that the US enjoyed over Hong Kong reached a hefty US$297 billion.''
He said Hong Kong has also been a strong and important partner to the US, as evidenced by bilateral trade and economic ties and long-standing and cordial relationship in various aspects. “In particular, our strong and valuable enforcement co-operation on various fronts including counter-terrorism, money-laundering, drug-trafficking and strategic trade controls and more. Our co-operation is broad, effective and mutually beneficial,'' he said.
Cheung also said some 1,400 US companies have chosen Hong Kong as the base for their regional offices and regional headquarters and that about 85,000 American citizens are calling Hong Kong home.