release time

Apr 01,2024

Hong Kong, September 14th (Xinhua) - The Hong Kong Trade Development Council announced on September 14th that due to the impact of the global pandemic, Hong Kong's export index in the third quarter of 2021 has softened after five consecutive quarters of growth, falling 9.7 points to 39 on a month on month basis. However, some Hong Kong businesses have indicated that their export business has actually increased due to the pandemic, especially in the electronics and toys sectors. On the 14th, Guan Jiaming, Director of Research at the Hong Kong Trade and Development Council, stated at a press conference that the fluctuating epidemic and soaring freight rates have weakened the export confidence of Hong Kong merchants in the short term. Only about 20% of surveyed Hong Kong merchants expect sales to increase during this year's traditional Christmas consumption peak season. He said that the ongoing pandemic and weak global demand remain key factors affecting Hong Kong's export performance in the next six months. According to a survey by the Hong Kong Trade and Development Bureau, in addition to the epidemic, reducing or canceling orders by buyers, obstructing logistics and delivery, and increasing transportation costs are common problems faced by Hong Kong businesses. However, the demand for electronic and toy products has increased during the epidemic, leading to an increase in the export business of some interviewed Hong Kong merchants. Guan Jiaming said that many Hong Kong businesses are accelerating their digital transformation under the epidemic, including investing resources to expand online sales channels, conducting digital marketing, making good use of cloud management systems, and electronic payments. Faced with various challenges, Hong Kong businessmen generally adopt new business strategies, including expanding the mainland market, expanding online sales, and developing new product categories. In terms of export markets, businesses have more confidence in mainland China and Japan. The Hong Kong Trade and Development Council stated that although the pandemic has dealt a heavy blow to the global economy, it has accelerated the development of smart healthcare, and in recent years, many medical products and services have introduced new technologies. Hong Kong is a hub for medical innovation and research and development, as well as a fundraising center for biotechnology enterprises, and has maintained close ties with the mainland medical market, bringing new opportunities to the healthcare industry in different fields. The Hong Kong Trade and Development Council conducts a quarterly survey of 500 exporters from six major industries in Hong Kong, including machinery, electronics, jewelry, watches, toys, and clothing, to understand their views on the recent export prospects. The high and low indices represent bullish or bearish market conditions, with 50 as the dividing line between prosperity and decline.