Hong Kong SAR, China, with a population of 7,346,100, is the 100th most populous country, just behind Sierra Leone. Located in East Asia, it covers 1,110 square kilometers, ranking 164th, right after Comoros.
Hong Kong SAR, China holds a strong economic position in 2022 with a GDP of $359,838,583,490.063, ranking 41st globally, just behind Pakistan with a GDP of $374,697,366,359.244. The country’s GDP per capita stands at $48,983.6217, ranking 23rd worldwide, trailing behind Belgium with a GDP per capita of $49,926.8254.
Hong Kong SAR, China’s robust economy reflects its status as a key player in the global market, with steady growth and a focus on innovation and technology.
What are the economic activities of Hong Kong?
- Primary activities: 0.1% of GDP.
- Secondary activities: 7.6% of GDP.
- Tertiary activities: 92.3% of GDP.
Primary Sector of Hong Kong
The primary sector in Hong Kong, with 3.81% agricultural land, is mainly focused on high-value crops due to limited space and urbanization. Key products include pork, chicken, spinach, vegetables, game meat, pork offal, fruits, onions, lettuce, and pork fat.
Despite contributing only 0.1% to the GDP, agriculture plays a crucial role in preserving traditional practices and ensuring food security. The variety of crops and animal products highlights the sector’s importance in providing fresh, locally sourced produce for the population.
Hong Kong’s geological diversity, with its outstanding deepwater harbor and feldspar deposits, has shaped its primary sector. The harbor facilitates trade, while feldspar mining contributes to the economy through ceramics and glass manufacturing.
Secondary Sector of Hong Kong
What is the secondary sector or what are secondary activities?
The secondary sector involves industries that transform raw materials into finished products for consumption. In Hong Kong, the main industrial products include trading and logistics, professional services, cultural and creative goods, clothing and textiles, shipping services, electronics, toys, clocks, and watches.
Manufactures play a critical role in Hong Kong’s total exports, accounting for 88.77% in 2023. This highlights their significant contribution to the country’s economy and global trade competitiveness.
Tertiary sector of Hong Kong
What is the tertiary sector or what are tertiary activities?
The tertiary sector encompasses the intangible aspects of the economy, focusing on services that improve productivity and meet needs. In Hong Kong, key tertiary activities include restaurants, healthcare, education, banking, communication, media production, and tourism. These services contribute significantly to the city’s economic growth and development.
In particular, Hong Kong’s economy heavily relies on tourism, contributing significantly to its GDP. With over 55 million annual visitors, it’s a popular destination. The iconic Victoria Peak and Disneyland Hong Kong attract numerous tourists, driving the hospitality sector’s growth and economic prosperity.
Another example of tertiary economic activity is the mobile cellular sector, which boasts approximately 22 million subscriptions, equating to 292 per 100 inhabitants. This extensive connectivity fosters technological innovation and supports various industries.
Biggest company in Hong Kong
Which is the biggest company in Hong Kong? It’s China Mobile, a leading telecommunications provider. With a market value of approximately 147.05 billion USD, it plays a crucial role in the tertiary economic sector. China Mobile was founded in 1997 and continues to grow in the telecom industry.
International Trade of Hong Kong
Import Activities of Hong Kong
Hong Kong’s import activities are of high importance, with total imports in 2023 reaching $654.82 billion, accounting for 189.93% of its GDP.
Hong Kong’s import activities are crucial for its economy, with major partners like China, Taiwan, Singapore, South Korea, and Japan. Key imports include integrated circuits, broadcasting equipment, machine parts, gold, and jewelry.
Exports Activities of Hong Kong
Hong Kong’s total exports in 2023 reached $575 billion. With exports accounting for 193.86% of GDP, it plays a vital role in driving the economy, indicating high importance.
Hong Kong’s export activities are diverse, with key partners like China and India. Major exports include gold, integrated circuits, and broadcasting equipment, driving economic growth and trade relationships worldwide.
Hong Kong economy challenges in 2024
Hong Kong, a high-income tourism and services-based economy, faces challenges in 2024. Despite being a global financial hub, the recent recession due to COVID-19 and political protests has led to high unemployment, especially among lower-skilled workers. The country is focusing on recovery and investing in job-reskilling programs to address this issue.
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