Industries shrug off sanctions painBusiness | 29 Jul 2020 4:46 pm
Eighty percent of the Federation of Hong Kong Industries members believe that the effect of US sanctions would be very small, the federation chairman, Daniel Yip Chung-yin, said in an online conference.
He said that the total Hong Kong exports to the US accounted for less than 1 percent of the total exports volume, while the rest is re-exports from mainland China and subject to US tariffs.
Yip also said high-tech imports are also insignificant. These have been reduced by 75 percent over the last four years.
He recommended local manufacturers start to explore more about the mainland and ASEAN markets, as the ASEAN has become the biggest trading partner of China in the first six months this year.