Hong Kong Customs Brokerage Market Size

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.