Hong Kong is a country with a population of 7,436,154 citizens. Though the national economy seems to be prospering, more than half of this population earns less than HK$11,000 a month. This figure projects a different story to the one that records Hong Kong’s GDP per head to be $48,713.
What do we know about Hong Kong customers?
As the rich get richer while the poor fall low, the disparity has triggered social instability in the country. Hong Kong is a 100% urban country which means all of it is progressive, industrial and developing. Urbanization has however caused some environmental problems related to the elements.
Central is the prime business district of Hong Kong, located on the northern shore. It is the hub for trade and financial activities with numerous multinational head offices among other important establishments.
What do people import in Hong Kong?
- Integrated circuits (29%)
- Broadcasting equipment (8.17%)
- Computers (5.8%)
- Telephones (4.3%)
- Gold (3.29%)
Which countries are Hong Kong’s main Import partners?
- China (55.3%)
- United States (7.3%)
- Japan (2.9%)
- South Korea (1.4%)
What are the major ports of Hong Kong?
The Port of Hong Kong is one of the busiest seaports in the world. In 2014, the Kwai Chung-Tsing Yi Container Terminals handled 76% of Hong Kong’s throughput. The Hong Kong International Airport ranks 4th in the world.
What are the customs and tariffs regulations in Hong Kong?
Documents required for importing goods into Hong Kong include:
- Import license
- Copy of detention notice (if required) and/or
- Other supporting documents – airway bill, bill of lading, invoice, packing list
Then follows the cargo examination process, with each mode of transport e.g.: sea, road or air, following a specific checking and clearance procedure.
Import into Hong Kong Special Administrative Region is tax-free, except for certain product categories such as liquors, tobacco, hydrocarbon oil and methyl alcohol. By and large, Hong Kong is a free port and levies no customs tariff or extra taxes for imports.
However, there is a list of items that are prohibited or controlled under the Hong Kong Import and Export Ordinance, for which special licenses are required.
What is the distribution structure in Hong Kong?
Hong Kong’s retail sector only accounts for 4% of its GDP, but it employs 3,200,000 people. That’s a little less than half the population. With textiles, banking, and tourism being the key markets in Hong Kong, the market is a consumer-driven one.
Hong Kong’s has been ranked as one of the freest economies in the world. This makes it a popular base for many international companies. Its active airport and seaports give it the reputation of being an efficient and reliable trade partner. The Hong Kong market has been described as a transparent and competitive one. Due to its wide English speaking population, international players continue to explore Hong Kong, as a favourable base and market for their products.