Re-exports accounted for 86 per cent of Hong Kong's entire exports by value last year, up from 85.5 per cent in 1997, the Government said.
They accounted for 41.7 per cent of the combined value of external trade, up from 40.5 per cent previously.
The mainland is by far the biggest trade partner, accounting for about 90.4 per cent, or $1.04 trillion, of the $1.15 trillion of re-exports going through Hong Kong.
Decreases were recorded in the value of re-exports from all main origins, with Singapore registering the biggest drop at 27.6 per cent.
Italy registered a 20.9 per cent drop, Taiwan 13.9 per cent, the US 12.9 per cent, Malaysia 11.8 per cent and Japan 7.4 per cent.
Japan registered the biggest drop among main re-export destinations, with a 17.4 per cent fall. Re-exports to Singapore dropped 12.8 per cent, Germany 9 per cent and the mainland 8.2 per cent.