Hong Kong is benefiting from global supply chain realignment with double-digit growth in merchandise trade in recent months, Financial Secretary Paul Chan Mo-po said, while warning that geopolitical tensions and US tariffs continue to pressure global commerce.
In a blog post, Chan noted Hong Kong's exports to Vietnam and Malaysia surged more than 50 and 30 percent respectively in the first half, while imports from these nations grew about 70 and 30 percent.
Asean's share of Hong Kong's total trade rose to 14.8 percent in the January-June period from 12.1 percent in 2021, cementing its position as the city's second-largest trading partner.
Chan noted that while macro conditions and technological disruption bring challenges, they also present significant opportunities.
He wrote that Hong Kong could turn transitional pressures between traditional and emerging economic models into drivers for upgrading.
Chan also highlighted that efforts on building a commodity trading ecosystem are proceeding steadily.
Since becoming a London Metal Exchange-approved delivery location in January, all eight approved warehouses in Hong Kong have commenced operations, with over 8,000 tonnes of LME-registered warehouse warrants already supporting futures contract deliveries as of early this month.
"Commodities, especially non-ferrous metals, are crucial for global industrial development and account for half of global shipping volumes," Chan said.
STAFF REPORTER
