What is the main industry in Hong Kong?
Financial services, trading and logistics, tourism, and producer and professional services are the Four Key Industries in the Hong Kong economy. They have been the driving force of Hong Kong’s economic growth, providing impetus to growth of other sectors, and creating employment.
What is Hong Kong’s main export?
Hong Kong has an export oriented economy with 99 percent of shipments coming from re-exports. Major exports are electrical machinery, apparatus and appliances which accounts for 36 percent of total shipments.
What products are produced in Hong Kong?
Textiles and clothing are the leading exports. Also important are electrical machinery and appliances, office machinery, photographic apparatus, and a variety of other manufactured items. Reexports constitute a major portion of the goods shipped out of Hong Kong.
Do Trump tariffs apply to Hong Kong?
Hong Kong’s US exports to be relabelled ‘Made in China’ That effectively means the punishing tariffs the US has imposed on exports from mainland China during the escalating trade war between the world’s two superpowers will not apply to Hong Kong goods.
Is Hong Kong exempt from US tariffs?
U.S. Customs and Border Protection has indicated that goods made in Hong Kong will not be subject to Section 301 tariffs on imports from China despite a new requirement for such goods to be marked to indicate China as their country of origin. Other clarifications in the CBP guidance include the following.
Is Hong Kong still duty free?
Most Goods Are Tax Free Most goods in Hong Kong are tax free. Four types of dutiable commodities are liquor, tobacco, hydrocarbon oil, and methyl alcohol.
Does Hong Kong have same tariffs as China?
Hong Kong reverts to China tariffs under Trump order, impact limited: trade lawyers. Instead, it suspends a 1992 law granting Hong Kong special economic status, referencing a statute governing country-of-origin labeling for imported goods.
Do tariffs apply to Hong Kong?
Hong Kong is a free port with no general tariff on imported goods. Excise duties are charged on four commodities – alcoholic liquors, tobacco, hydrocarbon oil and methyl alcohol – irrespective of whether they are imported or locally manufactured.
Are there tariffs in Hong Kong?
Hong Kong is a free port that does not levy a customs tariff. The Hong Kong Government levies excise duties on four commodities: hard alcohol (distilled spirits), tobacco, hydrocarbon oil, and methyl alcohol.
Is Hong Kong affected by trade war?
Hong Kong trade may not be directly impacted by the removal of its special trade status because it is a re-export hub and is little affected by increased tariffs on domestic goods. By removing Hong Kong’s special status, the US is risking retaliatory measures by China and tariffs on its exports to Hong Kong.
Does the US trade with Hong Kong?
Hong Kong is currently the United States’ 22nd largest goods trading partner with $35.5 billion in total (two-way) goods trade during 2019. Goods exports totaled $30.8 billion; goods imports totaled $4.7 billion. The U.S. goods trade surplus with Hong Kong was $26.0 billion in 2019.
Why is Hong Kong important to us?
Hong Kong is active in counterterrorism efforts. Hong Kong belongs to the Container Security Initiative and remains an important partner in efforts to eliminate funding for terrorist networks and combat money laundering.
Why is Hong Kong a free port?
Hong Kong is a free port. We pursue a free trade policy and do not maintain barriers on trade. No tariff is charged on import or export of goods. The World Trade Organization (WTO), established in 1995, succeeded the General Agreement on Tariffs and Trade (GATT).