Hong Kong trade resilient, port upgrades outlined in legislative debate
Commerce chief says HK was fifth-largest goods trader globally last year, with exports up 53% in August. Transport minister outlines plans to boost port competitiveness through smart, green and digital strategies, and to expand air routes to emerging markets.
Hong Kong’s commerce and transport chiefs have outlined trade resilience and infrastructure plans during a legislative debate on the city’s first five-year plan and this year’s policy address.
Secretary for Commerce and Economic Development Edward Yiu said that according to World Trade Organization figures, Hong Kong’s total merchandise trade exceeded HK$12 trillion last year, making it the world’s fifth-largest goods trading economy. In August this year, the city’s overall export value rose 53 per cent year-on-year, marking the 19th consecutive month of double-digit growth. Mr Yiu noted that despite geopolitical and trade protectionist challenges, Hong Kong’s external trade had demonstrated strong resilience.
Mr Yiu said the five-year plan called for greater efforts to attract investment and businesses. InvestHK would use preferential policies to guide industrial development and step up promotional work. The government aimed to meet a performance target of attracting at least 1,200 enterprises in the 2026-27 period, as outlined in last year’s policy address, and a projected average annual increase of 4 to 5 per cent in the total number of companies based in Hong Kong under the five-year plan.
Secretary for Transport and Logistics Macy Chan said the government was aligning with national strategies to transform Hong Kong from a “tonnage giant” into a “high-value port” and to build the city into a global maritime hub. In response to suggestions that the government had neglected port throughput, Ms Chan said it would pursue a dual-core strategy of enhancing port competitiveness and improving the high-value maritime services ecosystem. To raise the port’s competitiveness, the government would pursue smart, green and digital approaches to consolidate Hong Kong’s leading position.
On the international aviation hub, Ms Chan said the city’s airport handled 5.86 million passenger trips in the first eight months of this year, an increase of 3.5 per cent year-on-year. The government would continue talks with aviation partners, including at international civil aviation conferences, to negotiate new air services agreements or expand traffic rights, aiming to open up emerging route markets in South America, Central Asia, Africa, the Middle East and the Caucasus region, thereby creating capacity headroom.