香港 เป็นศูนย์กลางสำคัญของการค้า AI มูลค่า 2 ล้านล้านดอลลาร์ในเอเชีย

Original article from Bloomberg, by Nectar Gan, James Mayger

Translation by Odaily Planet Daily, Qin Xiaofeng (@QinXiaofeng 888 )

Hong Kong has become a vital gateway for high-tech products moving in and out of China, emerging as a key node in a $2 trillion Asian trade network driven by the global AI boom.

An analysis of official data by Bloomberg shows that Hong Kong accounted for over half of China's $239 billion in chip imports in the first five months of 2026, the highest share on record. A decade ago, Hong Kong handled only one-third of mainland China's semiconductor procurement.

After a massive influx of capital, Hong Kong has recently surpassed Switzerland to become the world's largest offshore wealth center. Now, it is carving out a new economic niche for the AI era. Official data released last week showed that trade between Hong Kong and China surged nearly 50% year-on-year in May, the largest increase since 1992 (excluding the pandemic period).

"Hong Kong's strong air freight network and free port status make it an ideal trading hub for semiconductors—goods that are high-value, lightweight, and time-sensitive," said Gary Ng, senior economist at Natixis. "Chipmakers can use Hong Kong for frequent, stable shipments, or for flexible storage awaiting future sales."

As a long-standing gateway connecting China with the world, Hong Kong operates a free port system with no capital controls. This has enabled it to become a critical link in an emerging Asian commercial system primarily driven by AI infrastructure construction.

Economists at HSBC Holdings believe this technology is "hardwiring Asia into a tighter production group." They estimate that intra-Asian AI trade in 2025 has nearly doubled from pre-pandemic levels, approaching $2 trillion.

However, the intermediary role comes with both advantages and disadvantages. Hong Kong lacks the chip manufacturing capabilities of Taiwan and South Korea, as well as the market size of mainland China, making it vulnerable to geopolitical shifts.

Hong Kong has long been caught up in the US-China trade war. During President Trump's first term, Washington revoked Hong Kong's special customs treatment, no longer treating it as separate from China. Since Trump returned to the White House and tightened restrictions on China's access to the most advanced US chips, Hong Kong has increased its procurement of American-made semiconductors—likely those not subject to restrictions—and purchased large volumes from third countries.

The chart below shows that Hong Kong's imports of US-origin chips have surged since Trump's second trade war with China:

Yellow line: imports of US-origin chips; black line: chips imported from the US; data from 2012-2026; peak around $2 billion; Source: Hong Kong Census and Statistics Department

This risk is driving Hong Kong to explore new markets. Chief Executive John Lee Ka-chiu has personally led delegations to the Middle East, Central Asia, and Southeast Asia to diversify the economy.

For now, however, AI is the key growth focus.

Despite its limited industrial base, according to Oxford Economics, Hong Kong exported nearly $159 billion in AI-related goods last year, ranking fifth in Asia and surpassing Japan.

"Hong Kong's strength lies in facilitating the flow of AI-related goods, not their production," said Yongshi Mai, an economist at the consulting firm.

According to Bloomberg calculations based on data from Hong Kong's Census and Statistics Department, virtually all of Hong Kong's semiconductor shipments are re-exports, with over 80% by value destined for mainland China. Of these chips, about 40% are supplied by mainland China, one-fifth by Taiwan, followed by Singapore and South Korea.

In S&P's latest Asia GDP growth outlook report, Taiwan and Hong Kong saw the largest rating upgrades, as shown below:

Source: S&P Global Ratings

Customs data shows that from January to May this year, Hong Kong re-exported $124 billion worth of semiconductors to mainland China, accounting for 52% of China's total chip imports. Despite the global energy shock caused by the Iran war, this economic boom helped Hong Kong's economy achieve its fastest growth rate in nearly five years in the first quarter.

Furthermore, data shows that the majority of Hong Kong's exports are AI-related; AI-related electronics accounted for 57% of total exports this year, up from 44% in 2024, as shown below:

Note: Data is for January to May 2026; Source: Hong Kong Census and Statistics Department, HKTDC Research

Recently, the Hong Kong Trade Development Council more than doubled its 2026 export growth forecast for the region to over 20%, citing an AI-driven "technology upcycle." The council's research shows AI-related electronics now account for 57% of Hong Kong's exports, up from 44% in 2024. Barclays estimates this figure to be as high as 70%.

Hong Kong has no import tariffs—an advantage amid the tit-for-tat trade war and export controls between the US and China. However, goods transshipped to mainland China are still subject to Chinese taxes.

Even so, mainland Chinese companies may prefer to trade via Hong Kong firms, as it often makes payments and currency exchange easier than dealing directly with foreign suppliers.

"As an intermediary, Hong Kong has found ways to handle payments," said Charles Mok, a researcher at Stanford University and a former legislator representing Hong Kong's IT sector. "This makes it much easier for mainland buyers to operate."

Hong Kong has overtaken mainland China to become Taiwan's largest chip export market, and has received triple-digit percentage shipment growth from South Korea.

This shift is occurring as China rises to become the world's largest supplier of AI-related goods, even though mainland China remains a net importer of advanced chips. China's overseas semiconductor sales surged 111% in May, the fastest pace since 2013.

This boom has pushed Hong Kong's trade with China to record highs. In May alone, Hong Kong absorbed over $40 billion in Chinese exports—the largest single-month total since 2015, and roughly three to four times the amount China shipped to Japan or Germany.

According to Chinese customs data, semiconductors drove most of this growth, accounting for over one-third of the total export value.

In maritime shipping, Hong Kong's intermediary role has been declining for years, as China has built world-class ports in Shanghai, Ningbo, and Shenzhen, allowing mainland goods to access global markets directly. However, Hong Kong retains an advantage in the highest-value trade.

"For products with very high intellectual property content, Hong Kong still plays a role in quality assurance, standards verification, and IP protection," said Heiwai Tang, a professor of economics at the University of Hong Kong.

Hong Kong's status as an international aviation hub is another advantage. "Its proximity to the mainland allows it to serve as a distribution center, seamlessly integrating air and land transport," said Michael Li Chi Fung, vice chairman of the Nam Pak Hong Association trade group. "This is something that other transshipment hubs like Singapore simply cannot match."