Global GDP Growth: Overview
Real GDP refers to base year prices, which include inflation. Changes in real GDP indicate the increase or decrease in the volume of economic activity and measure economic growth. The US, China, Japan, Germany, and India are the leading economies around the world in terms of real GDP. In 2021, China had the most significant real GDP with a value of $12.7 trillion, after the US. Japan ranked third globally in real GDP during the same period with $6 trillion. The other two leading economies are Germany and India, with real GDP of $3.8 trillion and $2.9 trillion, respectively.
Hong Kong Exports: Overview
Electrical machinery and appliances, textiles, apparel, footwear, watches and clocks, toys, plastics, precious stones, and printed material are some of the country’s most important exports. Reexports of telecommunications and sound recording equipment is also key earners. The US and China signed a new trade deal in January 2020, which is expected to increase export orders for Hong Kong in 2021 and stimulate world trade.
According to Global Data, exports are forecasted to increase by 4.7% and imports by 1.92% in 2021 due to strong external demand for goods produced by Hong Kong.
Hong Kong contributed 11.6% of the world’s total electric machinery and equipment exports in 2020. Hong Kong was the second largest exporter of electric machinery and equipment in 2020. Machinery, mechanical appliances, and nuclear reactors were Hong Kong’s second-largest export items and accounted for 13.5% of total exports in 2020. Natural or cultured pearls and precious stones accounted for 12.8% of exports in 2020.
China, Japan, and the US were Hong Kong’s top three trading partners in 2020; they accounted for 59.24% of total trade (exports and imports).
Hong Kong Exports as a % of GDP
Exports as a % of GDP of Hong Kong was 172.2% in 2021, decreased by 2.0% year on year basis in 2021. Between 2010-2021, the exports as a % of GDP in Hong Kong decreased by 18.2%. The indicator was highest in the year 2013 at 232.2% and lowest in the year 2021 at 172.2%.
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