Hong Kong Customs Brokerage Market Size (2024 - 2029)

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, at a CAGR of 6.24% during the forecast period (2024-2029).

• The Hong Kong customs brokerage market has witnessed remarkable growth in recent years, a trend poised to persist in the coming years. This growth can be attributed to Hong Kong's bolstered status as a global logistics hub, underscored by three key competencies: its premier transshipment capabilities, a dedicated focus on logistics talent development, and a leading position in e-logistics.
• Hong Kong manages around 4 million tons of air cargo and nearly 24 million TEUs of maritime freight annually as the world's foremost cargo transshipment center. The International Air Transport Association projects that Hong Kong will maintain its status as the globe's fastest-growing air cargo market. Furthermore, with 200,000 vessel calls and connections to over 550 container ports worldwide, ocean freight transshipments are set to rise. 
• In September 2024, Hong Kong's customs authorities expanded the Free Trade Agreement Transshipment Facilitation Scheme (FTA). This now includes transshipments from the Chinese mainland to Vietnam and Nicaragua, and from Serbia back to the mainland via Hong Kong. This extension allows local traders to obtain a "certificate of non-manipulation." This certificate confirms that the transshipped cargo remained unaltered during its time in Hong Kong, enabling traders to benefit from preferential tariffs under various FTAs. These include agreements between the Chinese mainland and other regions, like the Regional Comprehensive Economic Partnership Agreement.
• Initially, Hong Kong's FTA Scheme encompassed shipments from 68 economies, facilitated by 20 trade agreements. These agreements allowed for northbound transshipments to the mainland and southbound cargoes heading to Taiwan, South Korea, Singapore, and Australia.
• Hong Kong's strategic initiatives and robust logistics infrastructure will continue to drive the growth of its customs brokerage market, solidifying its position as a global logistics powerhouse.

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 handle shipments that occur in a large volume across international borders every day. 

A comprehensive background analysis of the Hong Kong Customs Brokerage Market covers current market trends, restraints, technological updates, and detailed information on various segments and the industry's competitive landscape.

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.