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The trade industry in Hong Kong
Hong Kong is an important financial center and the world’s 8th largest trading economy. The trade industry in Hong Kong consists of the imports and exports performed by the Special Administrative Region as well as offshore trade and re-exports. Hong Kong is also an important partner of Mainland China’s external trade as the city handles most of its exports.
The trade industry in Hong Kong is not only a profitable business options but also a large employer on the market. The imports and exports sector in Hong Kong is accountable for almost 20 of the GDP.
Export and import companies in Hong Kong are incorporated as any other type of company and our lawyers in Hong Kong can help you establish and manage such a business entity.
Exports in Hong Kong
The main products exported by Hong Kong are gold, telephones, other electrical machinery and appliances, jewelry, textiles, watches, clocks. Its main export partners are countries like China, other countries in Asia, the United States and India.
Hong Kong import and export companies also handle offshore transactions and re-exports. It was estimated that the amount of offshore trade has surpassed the value of re-exports. More than half of the city’s re-exports originate from China.
Imports in Hong Kong
Hong Kong has few natural resources so it must rely on imports for food and raw materials. More than half of the foodstuffs are imported and other import commodities include fuel, capital goods, raw materials and semi-manufacturers. Hong Kong’s main import partners are China, Japan, Singapore, and the United States.
Import and export companies in Hong Kong can be small or large. Depending on their size and the range of services provided, these companies can specialize in general trade or specialize in one area of trade, usually foreign brands and products.
Our Hong Kong lawyers can help you with a comprehensive overview of the legislation for imports and exports in Hong Kong. Our specialists can tell you all about the import and export licensing requirements.
Are you interested in other matters, apart from import, export, and trading in Hong Kong? If you would like to open a business and remain in the HKSAR for the purpose of managing its operations, our team can answer your questions about the entry permit for business purposes. This is the one that allows the holder to remain in Hong Kong for the purpose of opening a business or joining an already existing one and can be a route to immigration to Hong Kong.
Please contact our Hong Kong law firm for more details about trade activities and the Hong Kong import and export sector.