Hong Kong exporter confidence hits record low

kf - Wednesday, March 25, 2020    

Hong Kong exporter confidence hits record low
© HKTDC

The confidence level of Hong Kong's exporters has fallen to its lowest-ever level in the face of a triple challenge – the COVID-19 outbreak, softening global demand and lingering trade tension between the United States and Mainland China. The Hong Kong Trade Development Council (HKTDC) announced the latest HKTDC Export Index with a reading of 16 – down a further 2.8 points from the previous quarter's low – indicating that local exporters have become more pessimistic about the city's short-term export outlook across all industries and markets, especially jewellery. Close to 94% of the 500 Hong Kong exporters surveyed said the COVID-19 outbreak has adversely affected their companies in areas such as arranging product deliveries (80.4%), supply of labour following the Chinese New Year holiday (76.2%), business contacts with overseas buyers or suppliers (60.5%) and supply of raw materials (56.1%). Compared with the last quarter of 2019 (56.5%), fewer respondents (51.2%) said they had been adversely affected by Sino-US trade tensions. HKTDC Director of Research Nicholas Kwan said the COVID-19 pandemic has disrupted the global supply chain, leaving entire markets in a state of uncertainty, and may accelerate its transformation. (kf)

mediaroom.hktdc.com/ExporterConfidence

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