Hong Kong emerges key market for India's high-value exports

New Delhi: Hong Kong has emerged as a key destination for India's high-value exports such as silver jewellery, electronics and processed stones with shipments growing $955 million year-on-year in April-November FY26 to $4.97 billion.

The surge was led by cut and polished diamonds, which increased to $2.61 billion from $2.13 billion, contributing nearly half of the total incremental growth at around $477 million, an analysis by the commerce and industry ministry showed.

"Hong Kong, long seen as a Gateway to China, now holds potential to become a Gateway to India amid rising India-China economic engagement," said an official.


The higher exports to Hong Kong are key as India is diversifying its shipments amid the steep 50% tariffs imposed by the US since August 27.

Hong Kong is India's 10th largest export destination and its share in the country's total goods exports has risen to 1.7% from 1.4% a year ago.

"The growth reflects rising demand for value-intensive and commodity-focused products, anchored in gems, jewellery and electronics, reinforcing Hong Kong's role as a key trading and re-export hub in East Asia," the official added.

Outbound shipments of electronic goods, particularly telecommunications equipment, more than doubled to $387 million in April-November FY26, highlighting stronger electronics integration with regional supply chains. Growth was further supported by silver jewellery, which rose to $550 million and synthetic or restructured stones, which increased to $229 million from $135 million, according to the analysis.

The rise in exports of electronics, silver jewellery and high-end stones such as diamonds to Hong Kong reflects both genuine diversification and trade-routing effects, as per experts.