Hong Kong SAR's international arbitration centre statistics reveal record highs

According to the recently released statistics, a total of 500 matters were submitted to HKIAC in 2023, of which 281 were arbitration filings involving a total of 771 parties and 382 contracts.  184 of those arbitrations were administered by HKIAC. 

The total amount under dispute across all 281 arbitrations was HK$92.8 billion (US$11.86 billion), and the average amount in dispute in the arbitrations administered by HKIAC was HK$467.6 million. Both figures represent a record high for HKIAC.

Of the arbitrations filed with the HKIAC in 2023, 75.1% were international with at least one non-Hong Kong party. 89.7% of administered arbitrations were international with at least one non-Hong Kong party and nearly 10% of all arbitrations involved no Asian parties. The international parties involved were from 63 jurisdictions, including Singapore, South Korea, Japan, British Virgin Islands, Cayman Islands and the United States.

Nearly 60% of the arbitrations submitted came from contracts signed in 2020 or later.

The HKIAC also revealed the increasing diversity of its arbitrators, having appointed 60 female arbitrators in 2023. Representing almost 35% of the 172 arbitrators appointed during the year, this is an increase in the percentage of female arbitrators appointed in 2021 and 2022, which stood at 22% and 27% respectively.

Mohammed Talib, an arbitration expert at Pinsent Masons, said: “It’s encouraging that HKIAC continues to go from strength to strength, especially as the value under dispute in all arbitrations and administered arbitrations hit a record high.” 

“The increasing diversity and international profile of HKIAC is reflected in the increasing diversity of its users, which underlines Hong Kong SAR’s critical role as a global hub for the resolution of arbitral disputes and HKIAC’s role as one of the world’s leading arbitral institutions.” 

“HKIAC’s continuing strength is a great base for it as it welcomes a new Secretary General, Joanne Lau, and starts a consultation exercise with a view to revising its arbitral rules in 2024.”