Economy of Hong Kong -Overview
Hong Kong is the 5th largest export economy in the world and enjoys a positive trade balance of $7.96 billion after deducting annual imports of $498 billion from its export total of $506 billion.
This former British colony became a special administrative region of China in 1997 and Hong Kong is governed under a “one country, two systems” principle, which means that China has given it a high degree of autonomy for at least 50 years from that handover date.
The GDP of Hong Kong is $320 billion and that results in a GDP per capita of $58,600.
Hong Kong’s Top 5 Commodity Exports
|Rolled Tobacco||$1.16 billion|
Hong Kong’s Other Notable Exports
- Integrated Circuits – $96.9 billion
- Telephones – $50.9 billion
- Broadcasting Equipment – $23.6 billion
- Office Machine Parts – $20.4 billion
- Computers – $19.9 billion
The top export destinations of Hong Kong are China ($285 billion), the United States ($42 billion), India ($15.4 billion), Japan ($15.1 billion) and the United Kingdom ($11.2 billion).
Hong Kong’s Top 5 Commodity Imports
|Refined Petroleum||$6.83 billion|
|Petroleum Gas||$1.27 billion|
Hong Kong’s Other Notable Imports
- Integrated Circuits – $81.4 billion
- Telephones – $40.5 billion
- Computers – $22.2 billion
- Semiconductor Devices – $12.6 billion
- Printed Circuit Boards – $8.67 billion
More Information on Hong Kong’s Imports/Exports
Annual global exports of gold total $324.6 billion and Hong Kong is ranked as the second largest exporter with a 16.7% market share.
Hong Kong has managed to increase the value of its gold exports by 8.3% over the last five years, making it the fifth-fastest growing exporter worldwide.
Gold represents 11% of the country’s total yearly exports.
Diamonds account for 3% of Hong Kong’s annual exports and it is one of three countries, along with Israel and Belgium, who all have a 12% share of a global market valued at $128 billion.
Only the United States (15%) and India (19%) export more diamonds.
Top destinations for Hong Kong’s diamond exports are India (23%), China (21%), the United Arab Emirates (12%) and the United States (12%).
The total value of global silver shipments is $18.2 billion annually and Hong Kong is the fourth largest exporter with a 8.3% share.
The worldwide value of silver exports has fallen by 49.1% over the last five years and only one of the top fifteen exporting countries (China +21.2%) has managed to post an increase.
Hong Kong is among one of the biggest fallers with a 56.4% drop in the value of its silver exports during the last five years.
Hong Kong has a 5.4% share of an annual global export market worth $21.7 billion, making it the third-largest exporter of rolled tobacco.
China is a major export destination for Hong Kong’s rolled tobacco shipments and accounts for 45% of its $1.16 billion annual exports of this product.
Global platinum exports total $21.3 billion annually and Hong Kong is ranked as the eighth-largest exporting country with a 4.3% market share.
The country has posted a rise in its platinum export sales of 22.7% in the last five years, one of only four countries to witness an uptick in the value of its exports of this commodity.
A Few Interesting Facts About Hong Kong
- Although Hong Kong has an iconic skyscraper skyline, 40% of the territory is actually a designated country park and nature reserve.
- Many apartment buildings avoid naming a fourth floor, moving from third to fifth, this is because the number four is considered unlucky because the pronunciation of the word sounds like “death.”
- Hong Kong boasts one of the highest numbers of restaurants and cafes per capita in the world.
All figures based on OEC/IMF 2016 calculations and projections unless otherwise stated.
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