For centuries Hong Kong has been known for its desirable coastal location, and to this day it is regarded as one of the world’s top bases in the financial world. Highly populated with currency that is traded worldwide, this area enjoys low taxes and free trade in a variety of industries. The success of this region in business is due partly to a healthy economy fueled by exports, with mainland China, Japan, and the United States serving as their major buyers. Businesses interested in acquiring quality product at a good price often look to Hong Kong to stock their inventories.
When layman think of Asian exports to the United States, one is likely to assume the majority of products shipped into American ports are electronics and computer-related. It is true that in 2007 this region shipped over half a billion dollars’ worth of telecommunications equipment, computer accessories, and similar items, yet Hong Kong provides the world much more. They don’t necessarily limit trade to the United States, either: in 2009, the region ranked third among trade partners with China, and accounted for nearly three percent of total global exports among the leading manufacturing nations.
In 2009, Hong Kong’s gross domestic product (GDP) enjoyed a growth rate of 2.4%, with the total value of their goods and services trade equivalent to more than 400% of their GDP. Presently, their GDP is worth over 200 billion dollars of the overall global trade economy.
Everyday items in your home, and the materials needed to make them, might have just come from here.
- Precious Metals – The demand for gold and silver is always strong, and those who specialize in bullion trading are looking more to Hong Kong for these types of currencies
- Ferrous Alloying Materials – Such raw metals, which are iron-based, are sought after for their flexibility and durability. Importers seek un-manufactured stainless steels, cast irons, and carbon steels in bulk which are then shipped to domestic plants to create household items or construction goods.
- Food Processing Machinery – Hong Kong is hardly an agricultural region, yet the equipment they produce is used to help companies around the world process and package foods.
- Hair – While an unusual product to consider exporting, demand for hair from Hong Kong is rising steadily since 2006. Hair is used for wig and toupee production, hair and braid extensions, and similar pieces.
Of the “Asian Tigers,” powerhouses of the East in global trade, Hong Kong is one worth watching if you rely on foreign trade for the success of your business. For importers, this region represents one of the most financially secure in the world, with millions of dollars monthly exchanged in various goods. Connecting with Hong Kong companies through a reliable global forum or supply chain network can put you in touch with the product you need at a cost that suits your budget.
