The city nearly broke into the world’s top 10.

Hong Kong counts amongst the top markets that progressed in terms of trade growth in the past decade, ranking 11th at Standard Chartered (StanChart) Bank’s Trade20 index that identifies the rising stars of trade.

Along with Singapore, the island city was noted for still improving its trade potential strongly despite already being a developed market.

“Hong Kong scores particularly well for economic dynamism, despite its high starting point: inward FDI levels have continued to rise. Despite the US-China trade tensions affecting Hong Kong, the economy’s established position as a world trading power should stand it in good stead to weather storms,” StanChart stated.

Also read: Hong Kong retains crown as world’s freest economy for the 37th year

Africa’s Côte d’Ivoire topped the list as an “emerging market fast improving its trade readiness.” India followed at second place and was hailed as “a future giant of world trade” by StanChart.

Rounding out the top five are Kenya, China, and Ireland. Fifth-placer Ireland was named the “outlier of the European Union,” having been the only EU market to appear in the overall index. Its position is largely based on its success in attracting increasing amounts of foreign investment, with corporates encouraged by its low corporate tax rates and its status as a ‘launch pad’ to the rest of Europe, said StanChart

Asian countries dominated the index, with ten nations from the region making it into the top 20 list. Vietnam (6th), Indonesia (7th), and Thailand (8th) joined the top 10, whilst Sri Lanka (14th), Bahrain (15th), Singapore (16th) and the Philippines (20th) also counting amongst the top 20 countries with the best trade potential out of the 66 global markets in the study.