Hong Kong
The colony of Hong Kong became the Hong Kong Special Administrative Region (SAR) and for official purposes is a part of China. But, for all intents and purposes, it is allowed to operate as an independent country.
Hong Kong developed initially on the basis of its excellent natural harbor (its Chinese name means “fragrant harbor”) and the lucrative China trade.
The harbor of Hong Kong was formed by the drowning of the denuded center of the dome. The surrounding hills on the mainland and on Hong Kong Island are partly capped by volcanic rocks, and steep, scarp like concave slopes lead to the inner harbor.
Hong Kong in Brief:
Capital:
City of Victoria
Language:
Cantonese
Currency:
Hong Kong Dollar
Time Zone:
(GMT+8)
In terms of value-added and number of employees, the trading and logistics industry is the largest among the four main economic pillars [1] in Hong Kong. Trading and logistics accounted for 22% of the city’s GDP and provided some 727,500 jobs in 2017. The logistics industry alone contributed 3.2% of Hong Kong’s GDP and 180,600 jobs in that year. Transport services made up 29.2% of Hong Kong’s service exports in 2017.
- Hong Kong International Airport (HKIA) has been ranked as the world’s busiest airport for international cargo every year since 2006. In 2018, HKIA had another record-breaking year with total cargo throughput (including airmail) exceeding 5.1 million tones.
- Hong Kong’s port was ranked the seventh busiest container port in the world in 2018, trailing Shanghai, Singapore, Ningbo-Zhoushan, Shenzhen, Guangzhou and Busan.
- As one of the regional hubs for Asia, Hong Kong has good connections with most Asian urban centers and half of the world’s population is within 5 hours’ flight time. Currently, more than 120 airlines operate about 1,100 flights daily, linking the Hong Kong International Airport (HKIA) to about 220 destinations worldwide including about 50 destinations in Mainland China.
- HKIA has five first-tier air cargo handling facilities, with over 7 million tones of annual handling capacity.
- Hong Kong’s well-developed transportation infrastructure allows the city to interconnect with the world smoothly, especially Mainland China, and provides maximum flexibility.
- Hong Kong-Zhuhai-Macao Bridge (HKZMB), the world’s longest sea crossing, officially opened to traffic on 24 October 2018. Built to facilitate passenger and freight transport over land between Hong Kong, Mainland China and Macau, the bridge greatly reduces journey times between cities and forms a new passageway to connect the east and west banks of Pearl River Delta.
- Endowed with a deep-water, silt-free natural harbor.
- Strategically located along a major sea route and with Mainland China providing a huge cargo base, Hong Kong has become a sea transport hub in Asia.
- There are about 21,500 inward vehicle crossings and 210 arrivals of river cargo vessels from the Pearl River Delta (PRD) to Hong Kong daily.
Main Imports of Hong Kong:
- Electrical machinery, equipment: US$327.9 billion (52.3% of total imports)
- Machinery including computers: $73.6 billion (11.7%)
- Gems, precious metals: $65.5 billion (10.4%)
- Optical, technical, medical apparatus: $17.5 billion (2.8%)
- Mineral fuels including oil: $15.8 billion (2.5%)
- Plastics, plastic articles: $9.7 billion (1.5%)
- Clocks, watches including parts: $9 billion (1.4%)
- Perfumes, cosmetics: $6.7 billion (1.1%)
- Meat: $6.4 billion (1%)
- Knit or crochet clothing, accessories: $6.1 billion (1%)
Main Exports of Hong Kong:
- Electrical machinery, equipment: US$309.7 billion (54.4% of total exports)
- Machinery including computers: $74.5 billion (13.1%)
- Gems, precious metals: $68.2 billion (12%)
- Optical, technical, medical apparatus: $18.3 billion (3.2%)
- Plastics, plastic articles: $10 billion (1.8%)
- Clocks, watches including parts: $8.5 billion (1.5%)
- Toys, games: $7.2 billion (1.3%)
- Knit or crochet clothing, accessories: $7 billion (1.2%)
- Clothing, accessories (not knit or crochet): $6.2 billion (1.1%)
- Leather/animal gut articles: $4.6 billion (0.8%)
- Modern Terminals, Ltd.(MTL)
- Hong Kong International Terminals Ltd.(HIT)
- COSCO Information & Technology (H.K.) Ltd
- Dubai Port International Terminals (DPI)
- Asia Container Terminals Ltd. (ACT)
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