Hong Kong’s economy expanded by 3.9% in the first three quarters of 2017, after growing by 2% in 2016. The Government forecasted Hong Kong’s economic growth for 2017 as a whole at 3.7%.
With an area of 1,104 km2, more than 7 million inhabitants, a central location in east Asia and with a rapidly growing Mainland China, the Hong Kong Special Administrative Region is an international business, trade and financial hub. Building on its traditional free market economic policy, Hong Kong has developed into a modern, vibrant and cosmopolitan services economy, underpinning the role of the city as a global business platform.
In terms of world rankings, Hong Kong positioned itself in 2016 in 5th position as an exporter and in 7th place as an importer.
Hong Kong's main export destinations are China, the United States, India, Japan, the United Kingdom, Thailand and Switzerland.
Imports of goods grew further by 5.8% year-on-year in real terms in the third quarter, following the 6.4% growth in the second quarter. Imports for subsequent re-exports also grew at a broadly similar pace in the third quarter. The remaining part, retained imports, referring to the imports for local use, which accounted for around one-quarter of total imports, grew by 4.5% in the third quarter.
The main import origins of Hong Kong are China, Japan, South Korea, the United States, Switzerland, India and Malaysia, with Portugal in 52nd position.
Imports grew mostly for: Electrical machinery, apparatus and appliances, and electrical parts thereof (14.5 percent); office machines and automatic data processing machines (14.3 percent); and miscellaneous manufactured articles, mainly jewellery, goldsmiths' and silversmiths' wares (14.8 percent). However, a decrease was registered in the value of imports of telecommunications and sound recording and reproducing apparatus and equipment (-2.1 percent).
Based on data from INE, 560 Portuguese companies made exports of products to Hong Kong in 2011, with an increase for the following years expected, with a total of 36.9% for Machines and Appliances.
Regulatory efficiency and openness to global commerce strongly support entrepreneurial activity. Interaction with China has become more intense through strengthened financial and other noneconomic linkages, and Hong Kong is by far the most significant transit point for exports and imports to and from China.
The maintenance of a liberal market system, in accordance with the Chinese principle "One Country, Two Systems", the high degree of autonomy in executive and legislative plans and its status as an international financial center are some of the points that characterize the Hong Kong Administrative Region, thus allowing the free movement of goods and capital.
Trade is extremely important to Hong Kong’s economy. The value of exports and imports taken together equals 400 percent of GDP. The average applied tariff rate is zero percent. Hong Kong is very open to global trade and investment. The financial regulatory and legal environment focuses on ensuring transparency and enforcing prudent minimum standards. There are no restrictions on foreign banks, which are treated the same as domestic institutions.
In general, goods may be imported freely, but it must be accompanied by the required documentation for the category of products concerned and after the sanitary and phytosanitary
FEIRA E MERCADO / TRADE SHOW AND MARKET