Hong Kong's export index fell by 9.7 points in the third quarter
Xinhua News Agency, Hong Kong, September 14. The Hong Kong Trade Development Council announced on the 14th that due to the impact of the global epidemic, Hong Kong's export index in the third quarter of 2021 softened after five consecutive quarters of rises, falling 9.7 points month-on-month to 39. However, some Hong Kong companies said that their export business has actually increased under the epidemic, especially in electronics and toys.
Guan Jiaming, research director of the Hong Kong Trade Development Council, said at a press conference on the 14th that the repeated epidemics and soaring freight costs have weakened Hong Kong businessmen's export confidence in the short term. Only about 20% of the interviewed Hong Kong businessmen expected that sales during the traditional Christmas consumption season this year will rise. . He said the ongoing epidemic and weak global demand remained key factors affecting Hong Kong's export performance in the next six months.
According to the HKTDC survey, in addition to the epidemic, buyers reducing or canceling orders, logistics and distribution obstructions and rising transportation costs are all common problems encountered by Hong Kong companies. However, due to the rise in demand for products such as electronics and toys, the export business of some of the interviewed Hong Kong companies has increased.
Guan Jiaming said that many Hong Kong companies have accelerated their digital transformation under the epidemic, including investing resources in developing online sales channels, conducting digital marketing, making good use of cloud management systems and electronic payments. Faced with various challenges, Hong Kong companies have generally adopted new business strategies, including exploring the mainland market, expanding online sales and developing new product categories. In terms of export markets, merchants are more confident in mainland China and Japan.
The HKTDC stated that although the epidemic has hit the global economy hard, it has accelerated the development of smart healthcare. In recent years, many medical products and services have introduced new technologies. Hong Kong is a medical innovation and R&D hub and a fund-raising center for biotechnology companies. It has always maintained close ties with the mainland medical market, bringing new opportunities to the medical and health industry in different fields.
Every quarter, HKTDC surveys 500 exporters from six major Hong Kong industries, including machinery, electronics, jewellery, watches, toys and clothing, to find out their views on the near-term export prospects. , with 50 as the dividing line between prosperity and decline.
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