Hong Kong operates as an individual customs territory, which is also a Special Administrative Region under the governance of the People’s Republic of China. From a territorial perspective, this region is now treated as a separate country with its own trade and government affairs.
Currently, Hong Kong is the 33rd largest export nations in the world and the 38th most complex and growing economies, according to a report published by the Economic Complexity Index (ECI). Its economy features low taxation, easy and hassle-free export-import processes and fair trade policies with minimal government intervention. From being a British Empire Colony to a free country, Hong Kong has now grown into an independent state with full membership from the World Trade Organization and the Asia Pacific Forums.
In just 2018, the country exported US$569.1 billion worth products around the world. The glorious figure an 8.6% gain in the country’s exports since 2014 and a 3.5% boost from 2017 to 2018. Hong Kong’s top exports were majorly to Asian countries (77.4%), while the rest 10.4% to European nations and 9.2% worth goods to North America.
Hong Kong’s economic performance over the past couple of years has been drastically improved with a whopping 118.4% contribution to its overall Gross Domestic Product. This has helped cover most of the country’s negative trade balance and led to more employment opportunities in the region. Given the rapidly increasing Hong Kong B2B Marketplace, there is a great eye for foreign investors mainly from Asia Pacific, China and the USA.
Top 10 Globally Export Products of Hong Kong
As per the calculations from 2018, the following product categories contributed to the highest dollar value from Hong Kong’s global shipments. With more Hong Kong B2B platforms on the rise, local businesses have been able to attract foreign companies much easily than before.
- Electrical equipment & supplies – Contributed 54.4% of the total exports with a net worth of 309.7 billion US$.
- Computers and Electronic goods – Contributed 13% with a net worth of 74.5 billion US$.
- Metals and precious gems – Contributed 12% with a net worth of 68.2 billion US$.
- Technical, optical and medical apparatus – Contributed 3.2% with a net worth of 18.3 billion US$.
- Plastics and Plastic made goods and articles – Contributed 1.8% with a net worth of 10 billion US$.
- Clocks, watches and spare parts – Contributed 1.5% with a net worth of 8.5 billion US$.
- Toys, gaming consoles – Contributed 1.3% with a net worth of 7.2 billion US$.
- Knitted or crochet clothing – Contributed 1.2% with a net worth of 7 billion US$.
- Clothing and related accessories – Contributed 1.1% with a net worth of 6.2 billion US$.
- Leather and animal made articles, hides and skins – Contributed 0.8% with a net worth of 4.6 billion US$.
From the exports carried out manually and through China based b2b platforms, the total exports accounted for a massive 90.5% of the overall value of its global shipments in the preceding year.
ExportHub 