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Hong Kong, positioned as one of Asia’s most competitive markets, presents numerous business opportunities for local and international businesses seeking to establish a foothold. With its status as an international financial center, Hong Kong serves as the primary gateway to Mainland China and a global hub for offshore renminbi business.
Succeeding in this dynamic environment requires more than intuition; businesses must equip themselves with a comprehensive toolkit of data and a deep understanding of Hong Kong.
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Hong Kong, a Special Administrative Region (SAR) on China's southern coast, spans 1,106 km². Surrounded by the South China Sea, it comprises Hong Kong Island, Kowloon Peninsula, the New Territories, and over 200 islands. Known for its iconic skyline, cultural diversity, and economic significance, Hong Kong has evolved into a global financial hub, offering a unique mix of cosmopolitan living and cultural richness.
Hong Kong Dollar
7.413
million
380.81 billion USD
Hong Kong, renowned for its free-market principles, international trade, and financial services, has historically served as a global financial hub and a significant player in the Asia-Pacific region. As of 2023, it ranks as the tenth largest trading power and the third largest financial center globally.
Hong Kong’s economy experienced a revival in the third quarter of 2023 with a 4.1% year-on-year growth in real GDP. This growth was driven by inbound tourism and private consumption. Despite positive factors, challenges such as geopolitical tensions and tight financial conditions are expected to impact exports, investment, and consumption sentiment. As a result, the 2023 real GDP growth forecast is revised down to 3.2%, with consumer price inflation estimates adjusted to 1.8% for underlying and 2.2% for headline.
Given the strategic location and the relocation of manufacturing bases to the mainland, particularly the Pearl River Delta, mainland China plays a pivotal role in Hong Kong’s offshore trading activities. Manufacturers from Hong Kong are diversifying production to other low-cost countries, shaping the offshore trading landscape accordingly. In 2019, Hong Kong garnered $39.7 billion from exporting merchanting and trade-related services, constituting 29.3% of total services exports.
In 2021, Hong Kong held the 36th position in total exports, featuring notable exports like Gold ($14.3B), Integrated Circuits ($8.59B), Gas Turbines ($7.67B), Broadcasting Equipment ($6.26B), and Silver ($5.39B). Its primary export partners were China ($30.3B), India ($17B), United Kingdom ($7.18B), Netherlands ($6.24B), and Switzerland ($4.66B).
Hong Kong boasts a mix of cultural and modern attractions like Victoria Peak, Hong Kong Disneyland, and vibrant street markets, attracting millions of visitors annually. However, like most tourism economies, it has faced a significant setback during the COVID-19 pandemic. Before the pandemic, it contributed 3.6% to Hong Kong’s GDP and employed around 232,700 people. However, the impact of the pandemic caused a sharp decline in 2021, with the industry’s GDP contribution dropping to 0.1%, and employment figures shrinking to about 22,500.
Since travel resumed in February 2023, the tourism sector has seen a notable recovery. By May 2023, total visitor arrivals rose to 9.5 million, a stark improvement from the 0.6 million in 2022. Post-resumption, daily visitor arrivals have rebounded to 47% of the pre-pandemic level, indicating a positive trend for the industry’s recovery.
In 2022, approximately 91.2 percent of Hong Kong’s population was using the internet, and it is projected to further grow, reaching around 93.4 percent by 2027. This trend signifies a notable and consistent increase in internet penetration, emphasizing the pervasive influence of digital connectivity in the daily lives of Hong Kong residents.
Hong Kong’s social media landscape stands out as one of the most diverse globally, a characteristic attributed to Hong Kong’s role as a crucial link between China and the rest of the world. In January 2023, Hong Kong boasted a social media user base of 6.73 million, encompassing an impressive 89.9 percent of its total population.
Moreover, nearly 90% of the populace engages with platforms like WhatsApp, Facebook, and Instagram, leveraging these applications for personal connections with friends and family. Additionally, WeChat, Line, and Signal enjoy considerable popularity, with WeChat notably prominent in the realm of business.
Explore our previous reports from Hong Kong to gain insights into consumer trends and behaviors
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Download our Consumer Report Hong Kong 2023, featuring insights from 1,000 respondents, covering diverse subjects in the Hong Kong market.
Some of the leading news and media outlets in Hong Kong
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