Hong Kong Customs Brokerage Market Size
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 110.62 Million |
| Market Size (2029) | USD 149.73 Million |
| CAGR (2024 - 2029) | 6.24 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Hong Kong Customs Brokerage Market Analysis
The Hong Kong Customs Brokerage Market size is estimated at USD 110.62 million in 2024, and is expected to reach USD 149.73 million by 2029, growing at a CAGR of 6.24% during the forecast period (2024-2029).
- COVID-19 has impacted the customs brokerage market due to a sudden drop in demand and a sudden reduction in the capacity of ocean carriers, which pushed up the spot rates of freight by 25-40% in some trade lanes. Meanwhile, there were air freighters that witnessed cargo demand outstripping capacity supply due to an upsurge in PPE, Medical supplies. There was also recent growth in exports and imports from Hong Kong, which is also a driving factor for customs brokerage.
- The Hong Kong customs brokerage market had exceptional growth in recent years, and this trend is expected to continue in the future years. The Hong Kong customs brokerage market size growth may be attributable to the country's increased competitive advantage as a global logistics hub that revolves around three competencies – best-in-class transshipment hub, the center of excellence for logistics talent development, and global leadership in e-logistics.
- Hong Kong, the world's top cargo transshipment center, handles approximately 4 million tons of air cargo and almost 24 million TEU of maritime freight each year. According to the International Air Transport Association, Hong Kong will continue to be the world's fastest-growing air cargo market, while the cluster effect of 200,000 vessel calls, combined with the extensive network of connections to over 550 container ports worldwide, will ensure increasing volumes of ocean freight transshipments.
Hong Kong Customs Brokerage Market Trends
Hong Kong’s Trade Activities Driving the Market
Hong Kong's import and export trading sector provides services mainly in the form of offshore buying and selling of goods. Given Hong Kong's location and the relocation of Hong Kong's manufacturing bases to the mainland, particularly the Pearl River Delta, mainland China is a major source of offshore trading activities. It is an important entrepot for Mainland China.
Freight transportation is mainly dependent on the volume of imports and exports and ultimately increases the growth of the customs brokerage market. The surge in imports is the primary reason for the growth of the customs brokerage market in Hong Kong.
In 2022, the value of merchandise exports from Hong Kong totaled more than USD 610 billion. China is the top export destination to Hong Kong, with more than USD 350 billion in goods exported to China in 2022. Followed by the United States (with USD 38 billion), and India (with USD 22 billion). In addition, in 2022, Hong Kong’s major imports include machinery and transport equipment (66% of total imports), miscellaneous manufactured articles (14% of total imports); manufactured goods (9% of total imports), and food and live animals (4% of total imports). Thus, the continuous trade activities in the country further drive the custom brokerage market.
Surge in Air and Sea-borne Cargo in Hong Kong to Provide Opportunities
In Q2 2023, according to the Census and Statistics Department statistics, Hong Kong’s total port cargo throughput reached 44.5 million tons, which was up by more than 8% when compared to the previous quarter. In addition, the major sources of inbound cargo in Q2 2023 were Malaysia, Vietnam, Japan, Taiwan, Mainland China, and South Korea. Also, the major destinations for outbound cargo were the United States, Taiwan, Australia, Vietnam, Japan, etc.
The Hong Kong International Airport is one of the busiest and most advanced airports. It consolidates Hong Kong’s position as a hub of commerce and plays a very important role in the development of Hong Kong as a logistics center. In July 2023, Hong Kong International Airport witnessed continuous growth in cargo volumes registered a year-on-year growth rate of more than 3.8% and transported nearly 361,000 tonnes of cargo. In addition, according to the Census and Statistics Department of Hong Kong, air cargo played a vital role in the country’s imports, more than USD 340 million worth of goods were imported through air cargo transportation.
Water transport is one of the most important modes of international trade. Hence, there is an increase in demand for customs brokerage, air cargo due to the transport of perishable pharma products and chemicals, and an increase in just-in-time production of goods. All these factors are paving the way for the growth of customs brokerage in Hong Kong.
Hong Kong Customs Brokerage Industry Overview
The Hong Kong customs brokerage market is highly fragmented with the domination of global players and regional players. The global players include UPS, FedEx, DHL, and JAS. The regional players like Sino Shipping, Sea Hog Global Shipping & Logistics, and A&G Logistics also have a strong local presence. With many customs brokers operating in the market, the competition is high. To gain a competitive edge over other players, many companies are investing in new technologies like blockchain and supply chain integration. The importance of Hong Kong as a regional logistics hub also helps in increasing the market players and competition to cater to the needs.
Hong Kong Customs Brokerage Market Leaders
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FedEx
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UPS
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DHL
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TIBA Group
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CBIP Logistics
*Disclaimer: Major Players sorted in no particular order
Hong Kong Customs Brokerage Market News
- June 2023: FedEx (a global logistics service provider), entered a partnership with Floship, a leading global circular supply chains solutions provider for e-commerce brands. This partnership will create end-to-end digitalized fulfillment and return solutions, enhancing operational efficiency through optimal inventory management and best-in-class delivery using FedEx services.
- May 2023: DHL (a global logistics company), launched a new service called GoGreen Plus service in Hong Kong, that will allow customers to reduce emissions associated with shipments using Sustainable Aviation Fuel (SAF). In addition, the GoGreen Plus service is available through the MyDHL+ online portal and is made possible through the express firm’s SAF partnership with BP and Neste.
Hong Kong Customs BrokerageMarket Report - Table of Contents
1. INTRODUCTION
1.1 Study Deliverabales
1.2 Study Assumptions
1.3 Scope of the Study
2. RESEARCH METHODOLOGY
2.1 Analysis Methodology
2.2 Research Phases
3. EXECUTIVE SUMMARY
4. MARKET INSIGHTS
4.1 Current Market Scenario
4.2 Insight on Technological Trends
4.3 Brief on Government Regulations
4.4 Industry Value Chain/Supply Chain Analysis
4.5 Brief on Customs Brokerage as a Freight Forwarding Function
4.6 Shipper Insourcing vs. Outsourcing Trends in Customs Brokerage Related Tasks
4.7 Insights on Customs Brokerage Services by End-user Industry
4.8 Impact of COVID-19 on the Customs Brokerage Market
5. MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Growing Air cargo Transportation
5.2 Market Restraints
5.2.1 High Operation and Maintainance Cost
5.3 Market Opportunities
5.3.1 Modernizing the Logistics Industry
5.4 Industry Attractiveness - Porter's Five Forces Analysis
5.4.1 Bargaining Power of Buyers/Consumers
5.4.2 Bargaining Power of Suppliers
5.4.3 Threat of New Entrants
5.4.4 Threat of Substitute Products
5.4.5 Intensity of Competitive Rivalry
6. MARKET SEGMENTATION
6.1 By Mode of Transport
6.1.1 Sea
6.1.2 Air
6.1.3 Cross-border Land Transport
7. COMPETITIVE LANDSCAPE
7.1 Market Concentration overpower
7.2 Company Profiles
7.2.1 UPS
7.2.2 DHL
7.2.3 FedEx
7.2.4 TIBA Group
7.2.5 CBIP Logistics
7.2.6 Geodis
7.2.7 Janio
7.2.8 Livingston International
7.2.9 JAS
7.2.10 Jaguar Logistics
7.2.11 Sino Shipping
7.2.12 ClearCust*
- *List Not Exhaustive
8. FUTURE OF THE MARKET
9. APPENDIX
9.1 Macroeconomic Indicators (GDP Distribution by Activity and Insights on Capital Inflows)
9.2 External Trade Statistics - Exports and Imports
Hong Kong Customs Brokerage Industry Segmentation
Customs brokerage firms make international trade possible by facilitating the shipment and delivery of goods across international borders. The agency has to take care of shipments that occur in a sheer volume across international borders every single day. Furthermore, the report offers a complete background analysis of the Hong Kong customs brokerage market, which includes an assessment of the economy, market overview, market size estimation for key segments, emerging trends in the market, market dynamics, key company profiles, and the impact of COVID-19 are covered in the report.
The Hong Kong customs brokerage market is segmented by mode of transport (sea, air, and cross-border land transport). The report offers market size and forecasts for the Hong Kong customs brokerage market value (USD) for all the above segments.
| By Mode of Transport | |
| Sea | |
| Air | |
| Cross-border Land Transport |
Hong Kong Customs BrokerageMarket Research FAQs
How big is the Hong Kong Customs Brokerage Market?
The Hong Kong Customs Brokerage Market size is expected to reach USD 110.62 million in 2024 and grow at a CAGR of 6.24% to reach USD 149.73 million by 2029.
What is the current Hong Kong Customs Brokerage Market size?
In 2024, the Hong Kong Customs Brokerage Market size is expected to reach USD 110.62 million.
Who are the key players in Hong Kong Customs Brokerage Market?
FedEx, UPS, DHL, TIBA Group and CBIP Logistics are the major companies operating in the Hong Kong Customs Brokerage Market.
What years does this Hong Kong Customs Brokerage Market cover, and what was the market size in 2023?
In 2023, the Hong Kong Customs Brokerage Market size was estimated at USD 104.12 million. The report covers the Hong Kong Customs Brokerage Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Hong Kong Customs Brokerage Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Hong Kong Customs BrokerageIndustry Report
Statistics for the 2024 Hong Kong Customs Brokerage market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Hong Kong Customs Brokerage analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
