Hong Kong export growth may still be affected by geopolitical and tariff policies, despite a robust performance last year, according to Hong Kong Export Credit Insurance Corporation.
Even with the suspension of high tariffs on China by the US, the follow-up risks have not yet appeared. Adjustments to central bank interest rate policies and the reshaping of global supply chains are also influencing Hong Kong's exports, presenting both challenges and opportunities, said Chan Sui-kuen, Chairperson of the HKECIC Advisory Board.
But Chan noted that even facing various challenges, local businesses are innovating and staying resilient. They are actively expanding into emerging markets such as mainland China, ASEAN, and the Middle East, while also upgrading value chains and enhancing cross-border supply chain management. Besides, they are solidifying their business in traditional European and American markets.
Despite the uncertainty of US trade policy, strong demand for artificial intelligence related technology and environmental products, still injects momentum into the global market and is expected to drive Hong Kong's exports to continue to grow, according to the Hong Kong Trade Development Council.
Hong Kong's exports are expected to grow by 8 to 9 percent this year, a slowdown from about 13 percent last year, said HKTDC.
