The Boom in AI Trade Underscores Hong Kong’s Role as a Global Hub

With the artificial intelligence (AI) wave still in full swing, demand for compute hardware is soaring rapidly. Amid this technological revolution, Hong Kong’s import and export sector has successfully seized the opportunities of the era and shown strong growth momentum.


Professor Heiwai Tang, Mr Cyrus Cheung, and 黃鈺琪

19 August 2026

With the artificial intelligence (AI) wave still in full swing, demand for compute hardware is soaring rapidly. Amid this technological revolution, Hong Kong’s import and export sector has successfully seized the opportunities of the era and shown strong growth momentum.

Goods trade returns to an upward trajectory

According to data from the Census and Statistics Department, Hong Kong’s import and export sector reached its previous peak in 2021, with the total value of merchandise trade surging by 25.3% year on year to surpass HK$10 trillion. The value of domestic exports reached HK$74.5 billion, representing a sharp year-on-year increase of 57.1%. However, in the following two years, the total value of trade registered consecutive negative growth.

By 2024, the import and export sector had begun to recover. In 2024 and 2025, the total value of trade grew by 7.3% and 15.5% year on year, respectively. Data for the first half of 2026 indicated that the total value of trade had already reached HK$7.1 trillion, a substantial year-on-year increase of 39.9%, with likelihood to reach a record high for the full year. Of this total, domestic exports amounted to approximately HK$37.1 billion, representing a significant increase of 36.9%.

Re-exports of AI-related goods drive trade prosperity

In this new round of growth, AI-related goods have played a leading role. As global demand for compute capacity has risen exponentially in recent years, AI hardware has entered a super cycle, with both volume and prices increasing. This has directly boosted the value of Hong Kong’s re-export trade (see Table).

Table   Hong Kong’s re-exports of AI-related goods drive the trade recovery

Source: Authors’ calculations based on data from Census and Statistics Department

These AI-related goods cover a broad range of products, including integrated circuits, processors, controllers, amplifiers, memory, automatic data processing machines, magnetic or optical readers, transistors, and solid-state non-volatile storage devices. Taken together, the above import and export data indicate that Hong Kong’s role as an international trade centre is being upgraded, with marked enhancement in both the technological content and the value of re-exported goods.

Mainland demand for compute capacity as the root, trade diversification as the branches

By origin of re-exports, the first half of 2026 showed a high degree of concentration. The four major origins together accounted for approximately 82% of the total, namely Mainland China (35.4%), China’s Taiwan region (20.6%), South Korea (13.1%), and Vietnam (12.6%). Although Mainland China and China’s Taiwan region remained the main origins, South Korea and Vietnam recorded particularly strong growth in re-export value, with year-on-year increases of 67% and 202%, respectively. In addition, although the next six origins together accounted for only 14% of the total, most of them also posted rapid year-on-year growth in re-export value.

This phenomenon is consistent with the current division of labour in the Asia-Pacific AI industry. Mainland China is home to leading technology companies such as Huawei, ChangXin Memory Technologies, and SMIC (Semiconductor Manufacturing International Corporation), and has large-scale production capacity across multiple categories of AI hardware. China’s Taiwan region, with the semiconductor giant TSMC (Taiwan Semiconductor Manufacturing Company Limited), dominates the global chip foundry sector. South Korea, supported by top-tier enterprises such as Samsung Electronics and SK Hynix, holds a dominant global position in areas such as high-bandwidth memory. Under the “China + 1” strategy, Vietnam has become a major destination for supply-chain relocation; in recent years, it has established numerous AI hardware packaging testing, and assembly production lines, thereby substantially expanding its production capacity. Other economies are also actively building AI infrastructure in an effort to secure a share of the opportunities created by the AI wave.

By re-export destination, in the first half of 2026, Mainland China accounted for an overwhelming share of 70%, with the re-export value rising sharply by 48.5% year on year. The second- to fourth-largest destinations together accounted for 17% of the total, with re-export values increasing at a robust pace. Ranked by growth rate, these three destinations were the US (109%), China’s Taiwan region (81%), and Vietnam (53%). Although the fifth- to seventh-largest destinations each accounted for less than 2% of the total, their growth rates were also noteworthy. This trade structure indicates that Hong Kong mainly serves the Mainland’s vast demand for compute capacity, while its customer base is gradually becoming more diversified.

An AI trade hub “backed by the motherland and connected to the world”

The trade data above demonstrate Hong Kong’s positioning as a city “backed by the motherland and connected to the world”. First, Hong Kong serves as a gateway for “bringing in” international resources. On the one hand, the Mainland imports AI hardware products from around the world through Hong Kong to meet its massive demand for compute capacity. On the other hand, AI hardware manufacturers worldwide gain access to the vast Mainland market through Hong Kong. As the Mainland’s indigenous AI hardware production capacity continues to expand, Hong Kong’s role is expected to expand accordingly, further assisting Mainland suppliers in “going global” and developing international markets.

Second, Hong Kong remains an important supply-chain hub. The AI hardware supply chain is highly complex and typically involves cross-border processes. For example, a chip may undergo various stages such as design in the Mainland, foundry production in China’s Taiwan region, and South Korea, and packaging testing in Vietnam. Together with tax and other considerations, the production process for AI products often generates enormous trade demand. Hong Kong is able to meet this demand not only because of its world-class logistics capabilities, but also because of its long-standing unique advantages as an international trade centre, including “One Country, Two Systems”, its status as a zero-tariff free port, the free flow of foreign exchange, and a common law system aligned with international practice. This is also the foundation for Hong Kong’s unique strategic role as a hub in the dual-circulation development of the national AI industry.

Capitalizing on the AI trade dividend to benefit the public

Amid the global AI revolution, Hong Kong has achieved remarkable growth in re-export value, while its trade structure is shifting towards high-tech and high value-added activities. It is clear that the economic dividend of the AI revolution is not confined to high-tech industries that are out of reach for the general public, but is also spilling over into traditional sectors such as trade and logistics. These sectors support the livelihoods of many people and small and medium-sized enterprises, and are of great significance to the city’s real economy.

Indeed, while celebrating this prosperity, we should not overlook the potential risks. The intensifying geopolitical rivalry between China and the US, supply-chain restructuring, regulatory changes around the world, and competition from neighbouring regions all create uncertainty for Hong Kong’s trade development and local employment prospects. In the face of these challenges, we need to continue consolidating Hong Kong’s position as a regional AI trade hub, with policy coordination and guidance being particularly vital. First, it is essential to maintain Hong Kong’s free-port system as well as improve compliance, risk-prevention, and risk-control mechanisms, so that Hong Kong’s trade can continue to earn the trust of the international community. Equally crucial is supporting the industry in upgrading towards smart operations, thereby improving the efficiency of trade and logistics services. In addition, support for local workers should also be optimized so that their skills meet market needs and they can share in the development dividend of trade in AI products. Finally, Hong Kong should continue to deepen cooperation with other cities in the Guangdong-Hong Kong-Macao Greater Bay Area, leveraging the overall strengths of the Area to enhance the competitiveness of its trade services.

Looking ahead, Hong Kong should proactively seize four major development opportunities. First, it should upgrade temperature-controlled warehousing and in-transit inspection services dedicated to high-end chips and hardware. Second, it should launch supply-chain finance tools, such as inventory financing and leasing, for high-unit-value AI hardware. Third, it should seize the development opportunities arising from AI software and applications, promote the development of trade in services such as intellectual property, and broaden Hong Kong’s role from an “AI hardware re-export port” to an “AI trade-in-services hub”. Fourth, Hong Kong should make good use of its strengths in fundamental AI research and actively participate in global AI governance, including standard-setting.

Translation

人工智能貿易勃興 香港樞紐功能見效

全球AI熱潮方興未艾,算力硬件需求正急速增長。在這場科技革命中,香港進出口業成功把握時代機遇,增長勢頭強勁。

商品貿易重拾升軌

政府統計處資料顯示,香港進出口業上一波高峰見於2021年。該年貿易總值同比大漲25.3%,突破10萬億元關口。其中,港產品出口貨值達745億元,同比大增57.1%。但在隨後兩年,貿易總值接連錄得負增長。

及至 2024 年,進出口業開始回暖。2024 至 2025 年,貿易總值先後按年增長7.3%和15.5%。2026年上半年數據顯示,貿易總值已達7.1萬億元,同比大增39.9%,全年有望創下歷史高峰。其中,港產品出口貨值約371億港元,錄得36.9%的顯著增幅。

AI商品轉口帶動貿易繁榮

在新一輪上揚趨勢之中,AI相關商品擔當主力角色。隨着全球算力需求近年指數級躍升,AI硬件迎來超級周期,量價齊漲,直接拉動香港的轉口貿易貨值。(見圖表)

圖表  香港AI相關商品轉口成為貿易復甦火車頭

資料來源:筆者參考統計處數據估算得出

這些AI相關商品的涵蓋範圍相當廣泛,包括集成電路、處理器、控制器、放大器、記憶體、自動資料處理機、磁性或光學閱讀器、晶體管、固態永久資料儲存器等。綜合上述進出口數據,香港作為國際貿易中心的角色正在升級,轉口商品的「含科量」和「含金量」均大幅提升。

內地算力需求為根    貿易多元化為枝

按轉口來源地劃分,2026年上半年呈現高度集中的特徵,四大地區共佔約82%份額,依次為中國內地(35.4%)、中國台灣(20.6%)、南韓(13.1%)及越南(12.6%)。儘管中國內地和中國台灣仍是主要來源地,但南韓和越南的貨值增長十分強勁,同比分別達到67%和202%。此外,緊隨其後的6個轉口來源地,雖合共僅佔14%份額,但當中大多貨值同比增長迅猛。

這一現象契合當前亞太AI產業的分工情況。中國內地擁有華為、長鑫、中芯國際等科技龍頭,具備多種類、龐大的AI硬件產能。中國台灣憑藉台積電這一巨無霸,主導全球芯片代工領域。南韓憑藉三星電子、SK海力士等頂尖企業,在高頻寬記憶體等方面雄霸全球。在「中國+1」策略下,越南作為供應鏈轉移的主要目的地,近年落地大量AI 硬件封測與組裝產線,得以大舉擴充產能。其他各經濟體亦紛紛興建AI基礎設施,力求在AI浪潮中分一杯羹。

按轉口目的地劃分,2026年上半年,中國內地佔據70%的絕對份額,貨值同比大漲48.5%。第二至第四大地區共佔17%,貨值增長相當凌厲,按增速排名依次為美國 (109%) 、中國台灣 (81%) 及越南 (53%) 。雖然第五至第七大地區各佔份額不及2%,但增幅亦令人矚目。這一貿易結構反映香港主要服務於內地龐大的算力需求,其次是服務對象也逐漸多元化。

「背靠祖國、聯通世界」的AI貿易樞紐

上述貿易數據展現出香港「背靠祖國、聯通世界」的角色定位。首先,香港承載着「引進來」的窗口功能。一方面,內地通過香港從世界各地引進AI硬件產品,以滿足其龐大的算力需求;另一方面,各地AI硬件生產商通過香港進入內地龐大市場。隨着內地自主AI硬件產能不斷提升,預期香港的角色亦將順勢延伸,進一步協助內地供應商「走出去」拓展全球市場。

其次,香港仍是供應鏈樞紐重鎮。當前AI硬件供應鏈高度複雜,通常涉及跨境工序。例如,一塊芯片可能經歷中國內地的設計、中國台灣和南韓的代工、越南的封裝測試等各式工序。加上稅務等方面的考量,AI商品的生產過程,往往衍生出大量貿易需求。香港之所以能夠承接這些需求,除了因為具備世界頂尖的物流能力外,還在於其作為國際貿易中心一以貫之的獨特優勢,包括「一國兩制」、零關稅自由港、外匯自由流動,以及與國際接軌的普通法制度。這也是香港在國家AI產業雙循環發展中,扮演獨特戰略樞紐角色的根基。

把握AI貿易紅利    惠及市民大眾

香港在全球 AI 革命下,實現驚人的轉口貨值增長,貿易結構邁向高科技、高附加值發展。顯而易見,AI革命的經濟紅利,並非只反映在大眾遙不可及的高科技行業,更是外溢至貿易及物流等傳統行業。這些行業承載著廣大市民與中小企的生計,對香港實體經濟意義非凡。

誠言,在我們為繁榮而高興的同時,也不應忽視潛藏的隱憂。中美地緣政治博弈加劇、供應鏈重組、各地監管變化、鄰近地區競爭等因素,均為香港貿易發展與本地就業前景帶來不確定性。面對挑戰,我們需要不斷鞏固香港作為區內AI貿易樞紐的地位,政策統籌和引導尤其重要。首先是要維護自由港制度、完善合規與風險防控機制,使香港貿易持續獲得國際社會的信任。同樣重要的,是要支持業界往智能化方向升級,從而促進貿易物流服務的效率。此外,應優化對本地勞工的支援,使他們的技能符合市場所需,得以分享AI商品貿易的發展紅利。最後,要繼續深化與大灣區各城市的合作,借助灣區整體優勢,提升本港貿易服務的競爭力。

展望未來,香港應積極把握四大發展機遇:一是升級高階芯片與硬件專用的恆溫倉儲及中轉檢測服務;二是針對高單價 AI 硬件推出存貨融資與租賃等供應鏈金融工具;三是把握AI軟件和應用的發展浪潮,促進知識產權等服務貿易的發展,將香港「AI硬件轉口港」的角色延伸至「AI 服務貿易樞紐」;四是善用本港AI基礎科研優勢,並積極參與標準制定等全球AI治理。

鄧希煒教授
香港大學協理副校長、港大經管學院副院長、馮國經馮國綸基金經濟學教授

張超藝先生
香港大學香港經濟及商業策略研究所高級研究助理

黃鈺琪女士
香港大學香港經濟及商業策略研究所研究助理

(本文同時於二零二六年八月十九日載於《信報》「龍虎山下」專欄)