Houston and Hong Kong look to more trade

Hong Kong and the largest port city and city in Texas have a lot in common.

Hong Kong is enticing U.S. companies based in Houston and in Texas to open Hong Kong offices. It is also encouraging American students to consider starting their careers in Hong Kong.

Donald Tong, Hong Kong's Commissioner for Economic and Trade Affairs based in Washington DC, said the emphasis on Houston is being driven by the completion of the Panama Canal expansion in 2014.

The expansion will double the canal’s size and will allow much larger ships to use the shortcut between the Atlantic and Pacific Oceans, facilitating more trade. Tong said the canal expansion will deepen the trade and business connections between Asia and the Gulf Coast.

"Hong Kong is a very important export destination for U.S. products," Tong said.

Texas is the third-largest U.S. state that exports to Hong Kong. The leading exporters are New York and California.

During the first nine months of 2011, Texas exported US$1.1 billion worth of goods to Hong Kong with its trade with Hong Kong predicted to grow 3% to 4% annually.

The Port of Houston ranks first in the USA in international waterborne tonnage handled and second in total cargo tonnage handled.