Hong Kong sees exports decline 1.8 per cent but electronics buck the trend, still the city’s top earner
Three big trade fairs just around the corner: Hong Kong International Lighting Fair (April 6-9), Hong Kong Electronics Fair and International ICT Expo (both April 13-16)
Hong Kong saw exports of electronic products grow 2.4 per cent by value last year despite total shipments of goods from the city dropping 1.8 per cent overall, the Hong Kong Trade Development Council (HKTDC) said this week.
The body expects total exports to plateau this year but acting executive director Benjamin Chau said the electronics industry is still reaping rewards.
“The overall market environment may not be good, but it won’t affect the electronics business greatly,” he said.
“[In an economic downturn] people may buy fewer new clothes, but they will still get new smartphones,” he added.
Among all exports, electronics are still the biggest earner for Hong Kong, with outbound shipments of these totalling HK$ 2.3 trillion (US$300 billion) last year to account for 64 per cent of all exports, according to data from HKTDC.
The widespread use of smartphones and the rise of the Internet of Things (IoT) - connected smart devices that use sensors to communicate with each other without much human input - has contributed to the continuous growth of electronics exports, Chau said.