
As mainland China diversifies exports and markets, Hong Kong plays a growing intermediary role for regional and global flows
China’s merchandise trade has shown resilience this year, expanding by around six per cent in yuan terms for the first nine months of 2025. This growth momentum reflects steady external demand and an evolving trade structure aimed at mitigating reliance on any single market.
However, the regional performance has been uneven.
Exports to the United States fell by 27 per cent year-on-year in September, while shipments to the European Union rose 14.2 per cent.
Exports to Africa surged 56.4 per cent, and trade with the ASEAN (Association of Southeast Asian Nations) region increased 15.6 per cent, highlighting Beijing’s push for greater diversification.
Within this shifting landscape, Hong Kong’s role has gained strategic importance.
Official data show goods trade between mainland China and the city stood at US$261.56 billion in the first nine months of 2025, with mainland imports from Hong Kong climbing 86.6 per cent year-on-year in dollar terms.
Mainland China’s exports to Hong Kong also rose by 12.6 per cent, outpacing last year’s growth.
Survey data from the Hong Kong Trade Development Council indicate a marked improvement in exporter sentiment: in the third quarter the confidence index rose decisively above the fifty-point threshold for current and expected conditions, with 64 per cent of respondents anticipating stable or improving profit margins.
Many cited the mainland and ASEAN markets as key growth drivers.
Analysts say Hong Kong is increasingly acting as a trade “accelerator” for China’s pivot away from traditional Western markets towards the global south and intra-Asian corridors.
Its deep integration with the mainland, robust service and logistics infrastructure, and liberal trade regime afford the city a unique intermediary function.
The city is poised to leverage this in upcoming initiatives such as joining the Regional Comprehensive Economic Partnership and expanding Belt-and-Road linkages.
While headwinds such as trade tensions, global slowdowns and competition from other regional ports remain, Hong Kong’s evolving role suggests it could harness its free-port status and gateway position to support China’s broader trade strategy.
Its success will depend on how effectively it moves beyond bottlenecks and enhances value-added services to maintain its standing in the changing architecture of global commerce.
However, the regional performance has been uneven.
Exports to the United States fell by 27 per cent year-on-year in September, while shipments to the European Union rose 14.2 per cent.
Exports to Africa surged 56.4 per cent, and trade with the ASEAN (Association of Southeast Asian Nations) region increased 15.6 per cent, highlighting Beijing’s push for greater diversification.
Within this shifting landscape, Hong Kong’s role has gained strategic importance.
Official data show goods trade between mainland China and the city stood at US$261.56 billion in the first nine months of 2025, with mainland imports from Hong Kong climbing 86.6 per cent year-on-year in dollar terms.
Mainland China’s exports to Hong Kong also rose by 12.6 per cent, outpacing last year’s growth.
Survey data from the Hong Kong Trade Development Council indicate a marked improvement in exporter sentiment: in the third quarter the confidence index rose decisively above the fifty-point threshold for current and expected conditions, with 64 per cent of respondents anticipating stable or improving profit margins.
Many cited the mainland and ASEAN markets as key growth drivers.
Analysts say Hong Kong is increasingly acting as a trade “accelerator” for China’s pivot away from traditional Western markets towards the global south and intra-Asian corridors.
Its deep integration with the mainland, robust service and logistics infrastructure, and liberal trade regime afford the city a unique intermediary function.
The city is poised to leverage this in upcoming initiatives such as joining the Regional Comprehensive Economic Partnership and expanding Belt-and-Road linkages.
While headwinds such as trade tensions, global slowdowns and competition from other regional ports remain, Hong Kong’s evolving role suggests it could harness its free-port status and gateway position to support China’s broader trade strategy.
Its success will depend on how effectively it moves beyond bottlenecks and enhances value-added services to maintain its standing in the changing architecture of global commerce.







































