Hong Kong export growth to ASEAN offsets US decline, HKMA official says

Hong Kong’s exports to Association of Southeast Asian Nations have grown sharply this year, helping offset a decline in shipments to the US, said Zhu Haibin, executive director (research) at the Hong Kong Monetary Authority.

The SAR government recently raised its full-year economic growth forecast to 3.2 percent, supported by resilient trade, including front-loaded shipments triggered by US tariff measures in the first half, artificial intelligence-driven demand across Asian supply chains, and broader diversification efforts, Zhu said.

Asia’s economic resilience has been underpinned by deepening regional integration, Zhu said, adding that intra-ASEAN trade accounts for about 20 percent while ASEAN’s trade with China, Japan and South Korea reaches 43 percent, indicating further room for regional integration in which Hong Kong, as an international financial centre and super-connector, can play a bridging role.

Meanwhile, he also highlighted green transition as a key area for further regional cooperation, noting that the mainland’s manufacturing capacity could help accelerate the shift to clean energy across Asia.

Citing market estimates, Zhu said the region’s potential green investment demand could reach US$1.1 trillion (HK$8.58 trillion) annually.

Hong Kong’s issuance of green and sustainable bonds rose more than 60 percent last year and gained another 15 percent in the first half of this year, providing strong support for this transition.