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While toy exports from Hong Kong declined in recent years, it remains one of the strongest players in the world. Including re-exports, Hong Kong was the world’s top five toy exporters in 2021, after mainland China, the US and Germany, according to HKTDC Research. From electronic games, radio and remote-controlled gadgets to action figures, construction sets and dollhouses, these toys by Hong Kong’s competitive brands adhere to international toy safety standards and regulations, making them an ideal global commodity. The US, Japan and Europe remain consistent as Hong Kong’s major toy export markets, indicating that the toy industry still plays a significant role in Hong Kong’s exports.
Although the pandemic affected almost all businesses of the world, if there is one business that showed positive outcomes, it was the toy industry. When the pandemic hit, people spent more time in their homes and had to find ways to engage their children for longer periods. These included fun games and activities that the family can enjoy together.
Although 2021 showed a decline in toy sales as compared to the previous years, the pandemic has indeed shifted consumer values with different toys that are now in demand. This shift gives toy companies an opportunity to tap on to and diversify their range of products to include digitalised entertainment to capture this expanding market.
The United States, as the HKTDC Research report reveals, holds the largest share of the toys exported by Hong Kong in 2021, at 22.1%. This is followed by Japan with a market share of 17.3%, and Europe trails after at 16%. Aside from these top markets, paying attention to those that have seen significant growth gives Hong Kong exporters more avenues to tap onto. These include Vietnam, which brought in the highest growth of 147%, followed by Australia and Taiwan, with market shares that expanded by 132% and 33% in the first four month of 2022.
Before shipping toys from Hong Kong to overseas markets, it is important to pay attention to the logistical journey – from packing to choosing the right delivery options. Some of the guidelines include: