Being part of mainland china, Hongkong is in proximity of a strategic location where the natural resources are in abundance. The vast reserve of natural resources along with the thriving ports has made Hongkong a trading hub in the South East Asian region. The textile industry in Hongkong has thrived since the beginning as the labor is cheap and the resources and raw materials are in plentitude. The trend of economy in the textile sector has always been of self sufficiency and self reliance as the textile industry in Hongkong satisfies its domestic demands and overseas market demands as well. The cultivation of cotton and the manufacturing of cotton apparels and garments is the prime component of the textile industry in Hongkong. The textile industry looks forward to satisfy the rising demands of the global market and is favored by majority of Asian countries for bulk orders. The facility to produce and manufacture variety of products has made Hongkong a versatile market suitable for expansion of trade and commerce.
The textile industry in Hongkong had started with mere 171 manufacturing units, but it has grown to 466 units in the coming years. Initially just domestic centered textile industry has successfully expanded its operations and has exploited the global market to optimum. The stringent trade norms of China have rendered lesser business traffic in recent times. The external factors affecting the mainland have also affected the trade in Hongkong. The rising labor costs in recent time have forced other nations to look for a different market other than Hongkong. But at present, the market is developing at a steady pace despite the impending obstacles. The manufacturing units and companies have regained the control of the market and this has cemented the position of textile industry to its former glory. The market structure is favoring to wholesalers and bulk suppliers. The quality of goods has been increasingly good and the cost competiveness adds to its textile business.
At present the textile industry in Hongkong is flourishing due to its all round presence. The entire South African region heavily relies on Hong Kong textile companies for the raw material and the readymade garments as well. Despite being a self-sufficient market, Hongkong market has a great demand for readymade garments and ethnic textile products which provides a great opportunity to India for investing in Hongkong textile industry and also the potential market for sale of its indigenous products. The knitting, weaving and finishing of fabrics has grown over the years and supply of raw material to other nations is on upscale in Hongkong. Due to the cost competitiveness and the viability of ports, the textile industry in Hongkong has a promising future.