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Our East Asia Service is calling at Hong Kong every
15 days, discharging containers and breakbulk cargoes
from New Zealand and loading goods for Noumea, Fiji
and New Zealand. Our regional commercial and operational
representation plus local agency office ensures
the highest attention is paid to our customer's requirements.
Economic
Indicator
| Population
|
6.89 million (provisional, end of 2004) |
| GDP |
HK$314,229 million (March 2005) |
| GDP Growth
Rate |
+6.0% (March 2005) |
| GDP Per Capita
|
HK$186,267 (2004) |
| Inflation(CCPI)
|
+0.5% (April 2005) |
| Total Imports
|
HK$2,111.10 million (2004) |
| Total Exports
|
HK$2,019.10 million (including re-exports 2004) |
| Currency
|
1 Hong Kong
dollar (HK$) = 100 cents |
| Exchange
Rate NZ$ |
NZ$1 = HK$5.55 (approx) (June 2005) |
| |
US$1 = HK$7.78 (approx) (June 2005) |
Source: Census & Statistics Department, HKSAR & HSBC Currency Converter web site
Overview
Following Hong Kong’s return to China in 1997, the Hong Kong Special Administrative Region
(Hong Kong SAR) has remained one of Asia's most dynamic economies with an international
reputation as a major service and commercial centre. This is despite a severe economic
downturn following September 11, 2001, in the USA and as the economy undergoes structural
reform.
The Hong Kong SAR government has given priority to raising Hong Kong’s economic power,
maintaining economic growth and improving the business environment. While expatriates tended
to return home in 1997 as jobs localised and some multi-national companies relocated to other
cities (mainly Singapore), by 1999 there were almost as many expatriates back in Hong Kong (no
accurate figures are available but roughly 2% of the population), albeit more in IT, software and
telecommunications industries than the previous banking, manufacturing and civil service jobs.
Hong Kong has a free enterprise, free-trade economy, with an industrious work force and a
modern and sophisticated commercial infrastructure. It has the world's busiest container terminal
and is a major transhipment centre for imports and exports to and from China. It also has an
excellent telecommunications network that links it to the major cities of the world.
Hong Kong's manufacturing sector has all but relocated to mainland China which provides
cheaper labour, land and buildings etc. The remaining industries are mostly light such as
clothing, textiles and toys. To deal with the increasing competition in its light industries, Hong
Kong manufacturers are moving toward producing more sophisticated product lines such as
consumer electronic products and components for the electronic and electrical industries. An
increasing proportion of Hong Kong's workforce (87% in 2001) is employed in the service sector.
Hong Kong SAR plans to develop these high value-added economic activities further, such as
financial services, logistics, tourism and producer and professional services.
Hong Kong has an efficient wholesale and retail network catering to the growing consumption
needs of an affluent population. Its strategic location, excellent communications network and
efficient infrastructure have made it a hub for trade, finance and business services in the region.
The government strongly promotes these features, particularly given the new status of China as
a WTO member and the competition Hong Kong faces in some of these areas.
With China’s entry to the WTO, Hong Kong aspires to new opportunities with trade with China. It
has strong and well-developed business links with the Mainland as well as the bonds of culture
and language. Thus Hong Kong promotes itself as the continuing gateway to China, especially
for new players or small and medium enterprises who wish to do business in China.
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Hong Kong's Domestic Exports by Principal Commodity, 2004
US$million
| Articles of apparel and clothing accessories
|
8,148 |
| Miscellaneous manufactured articles (mainly jewellery,
goldsmiths’ and silversmiths’ wares) |
1,906 |
| Electrical machinery, apparatus and appliances and
electrical parts thereof |
1,685 |
| Textile yarn, fabrics, made-up articles and related products |
684 |
| Office machines and automatic data processing machines |
678 |
| Others |
3,091 |
| Total: |
16,192 |
Source: Census and Statistics Department, HKSAR.
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Hong Kong's Imports by Principal Commodity, 2004 US$million
| Electrical machinery, apparatus and appliances and
electrical parts thereof |
59,095 |
| Telecommunications and sound recording and
reproducing apparatus and equipment |
34,009 |
| Office machines and automatic data processing
machines |
26,885 |
| Articles of apparel and clothing accessories |
17,151 |
| Miscellaneous manufactured articles (mainly baby
carriages, toys, games and sporting goods) |
16,759 |
| Others |
117,448 |
| Total: |
271,347 |
Source: Source: Census and Statistics Department, HKSAR.
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New Zealand's Top Ten Exports to Hong Kong, YE April,
2005 NZ$ (million)
| Dairy, eggs, honey, etc. |
361.35 |
| Fish and seafood |
212.42 |
| Wood |
158.95 |
| Animal hair and yarn, fabric |
156.06 |
| Wood pulp, etc. |
146.92 |
| Hides and skins |
140.37 |
| Live animals |
98.82 |
| Other of animal origin |
92.03 |
| Meat |
87.66 |
| Special other |
68.67 |
Source: World Trade Atlas
Recent import trends from New Zealand still show a predominance of food and beverages, but
increasingly software, telecommunications products, consultancy, cosmetics and manufactured
items are becoming more evident. Education (students studying in New Zealand) is also
important. It is estimated some 1,500 Hong Kong students study in New Zealand each year.
While New Zealand is about the fifth market of choice for these students, this number contributes
significantly to New Zealand’s foreign exchange earnings.
The above information is an excerpt from the New Zealand Trade & Enterprise Country Briefs. For a more comprehensive
account visit:
http://www.nzte.govt.nz
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