Transport receipts drop 12% in 2023

On a per establishment basis, receipts dropped 13.8% to $24.2m.

Total receipts of the transportation, storage and courier services sector fell by 12% year-on-year to $671.5b in 2023, according to the Census and Statistics Department’s 2023 Annual Survey of Economic Activities – Transportation, Storage, and Courier Services Sector.

On a per establishment basis, receipts dropped 13.8% to $24.2m

Operating expenses and employee compensation totalled $561.5b, down 7.3%, with a 9.2% decrease per establishment to $20.3m.

The sector's gross surplus dropped 30.2% to $110b, or $4m per establishment. Gross surplus now accounts for 16.4% of receipts, down from 20.7% in 2022.

Industry value added, a measure of the sector’s contribution to Hong Kong's GDP, decreased by 16.5% to $176.3b, with per establishment value added falling 18.3% to $6.4m.

The sector consisted of around 27,700 establishments employing about 206,100 people in 2023, averaging 7.4 employees per establishment.

The five largest industry groups by value added were air transport and related services, cross-border water transport, land passenger transport, other transportation support activities, and land freight transport, which together made up 85.3% of the total industry value added.

Air transport saw a sharp rise in gross surplus from $14b in 2022 to $35.1b, driven by a growth in industry value added of 87.1%, reaching $59.7b.

In cross-border water transport, gross surplus dropped from $92.6b in 2022 to $26.5b, with industry value added falling by 68.8% to $29.3b.

Meanwhile, land passenger transport reported a significant increase in gross surplus, rising from $5.8b in 2022 to $11.3b, with industry value added growing by 43.0% to $28.9b. Other transportation support activities saw a decrease in gross surplus from $29.3b in 2022 to $22.2b, whilst industry value added fell by 19.1% to $23.2b.

Land freight transport reported a slight decline in gross surplus from $2.3b in 2022 to $1.9b, with industry value added dropping by 0.9% to $9.3b.

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