Hong Kong’s exports set to drop 6 per cent for 2022, but bounce back by 5 per cent next year
- Hong Kong Trade Development Council points exporters to opportunities in Asean and mainland China markets against backdrop of a sluggish global economy
- Middle East and Asean were the only two export markets that saw growth, 24 per cent and 12.6 per cent respectively, in the first 10 months of 2022
Hong Kong’s exports are expected to shrink by a worse-than-expected 6 per cent in 2022 compared to the previous 12 months before bouncing back by 5 per cent next year, although industry figures have voiced caution over the state of the global economy and the continued disruptions to border crossings with mainland China.
The council advised exporters to explore opportunities in Asean and mainland markets as rising inflation and high interest rates were set to dampen purchasing power and consumer demand in the European and American markets.
In terms of the city’s total exports, the Middle East and Association of Southeast Asian Nations markets were the only two that witnessed growth, by 24 per cent and 12.6 per cent respectively in the first 10 months of 2022.
Exports to the African and European markets were the worst hit during the period, falling 36 per cent and 22 per cent year-on-year respectively. In 2021, the city’s exports to the two markets saw year-on-year growth of 3.2 per cent and 20 per cent respectively.