Trade Relations Between Türkiye And Hong Kong are Increasing

Noting that trade relations between Türkiye and Hong Kong have improved, İsmail Gülle, Chairman of the Turkish Exporters Assembly (TİM), said, "Our exports to Hong Kong increased by 92 percent in the last 10 years from $426 million in 2011 to $818 million last year. We imported 254 million dollars in 2020 from Hong Kong, the 47th market to which Türkiye exports the most.

Turkish Exporters Assembly (TİM), the only umbrella organization of 100 thousand exporters with 61 exporter associations and 27 sectors, continues its new generation trade activities with many countries from different geographies. TİM organized a Virtual Trade Delegation program which will increase export figures and will create opportunities for new collaborations and sales to participating companies in Hong Kong. Opening of the program, which took place with the TİM organization and in coordination with the Ministry of Commerce; was made by Ahmet Peyami Kalyoncu, Türkiye's Consul General in Hong Kong, and İsmail Gülle, Chairman of TİM.

Hong Kong ranks high in world export

Stating that Hong Kong stands out as one of the birthplaces of modern global trade, TİM Chairman İsmail Gülle said, "Hong Kong, which has managed to remain a city of commerce and finance since the middle of the 19th century, is a metropolis that has managed to be a bridge between East and West. Hong Kong, which is in the top five in the human development index and is one of the regions with the highest per capita income, ranks high in foreign trade volume compared to many countries despite its population of 7.5 million. In 2020, Hong Kong, the sixth-largest importer in the world with 573 billion 61 million dollars in imports, ranks sixth in exports with 551 billion 515 million exports. At this point, I want to underline a total foreign trade volume of $1.1 trillion."

"Our steel industry is the leader in the Hong Kong market"

Noting that trade relations between Türkiye and Hong Kong are improving, Gülle said, "Our exports to Hong Kong increased by 92 percent in the last 10 years from $426 million in 2011 to $818 million in 2020. We imported 254 million dollars in 2020 from Hong Kong, the 47th market to which Türkiye exports the most. With these figures, we have a foreign trade surplus of $564 million in 2020 in our trade with Hong Kong. However, in our trade with a region that trades $1.1 trillion annually, the opportunities are much greater. When we examined it in sectoral terms, our steel sector exported $273 million, our Jewelry sector exported $193 million, and our Aquaculture and Animal Products sector exported $86 million. In addition, in many product groups, we anticipate that our exports to Hong Kong may increase even more. According to the World Trade Organization data, the ratio of realized exports to potential exports is 2 percent in the Processed Cereals product group, 9 percent in the motor vehicle and evening product group, 6 percent in the Chemicals product group, and 8 percent in the Metal products product group."

Kalyoncu: Textile and fresh fruit and vegetable exports are also increasing

Türkiye's Consul General in Hong Kong, Ahmet Peyami Kalyoncu, emphasized that deepening and improving relations with the Asian region in all areas is among the state's most important goals. Noting that Hong Kong is planning to re-industrialize, Kalyoncu continued: “Hong Kong aims to do this with industry 4.0. Therefore, we think that certain collaborations in the field of technology and innovation may emerge in the coming period. In a bilateral sense, this is a separate customs zone and because the system implements it, it can make bilateral agreements. There are three important agreements on our agenda, and we are close to the signature processes related to them. In some of them, technical-level drafts have been completed. These are the agreement on the prevention of double taxation, mutual promotion and protection of investments agreement, and customs cooperation protocol. At the technical level, negotiations are advanced level in all three texts. We can state that it is close to signing in terms of environmental network and investment agreement. We have seen since the past period that; our iron and steel-related products always lead the way in our jewelry exports. In addition to this, our exports are increasing in the field of textile, denim fabric, fresh fruit and vegetable, and food. In addition, in the last year or two, we see that those products such as masks and gloves related to drugs and related to COVID have also been added to this. We anticipate that this export will increase to Hong Kong but will be used more at the Hong Kong gate, especially with our greater access to the Chinese market."

 

LIVE SUPPORT