Welcome!

News Feed Item

Export Confidence Maintained Despite Temporary Shortfall



Hong Kong Trade Development Council's Research Department Revises Export Growth Forecast

Hong Kong, June 25, 2014 - (ACN Newswire) - Hong Kong's exports in the first four months of the year performed weaker than expected, growing only 0.1%, according to Nicholas Kwan, Director of Research at the Hong Kong Trade Development Council (HKTDC), speaking today at a press conference. He added that the HKTDC had revised Hong Kong's export growth forecast for 2014 from 5.5 per cent to 4.5 per cent.

Export Index Dips

Mr Kwan also revealed that the HKTDC Export Index for the second quarter had edged down 0.5 points from the previous quarter, to 47.6. A reading below 50 indicates a pessimistic sentiment and signals a quarter-on-quarter contraction in Hong Kong's exports.

Among industry sub-indices, there were improvements in toys, jewellery and electronics. The respective indices for clothing, machinery and timepieces, however, had softened. The export index for clothing, in particular, dropped below the 40 mark, to 39.4. As to individual markets, the indices for Japan, the United States and the Chinese mainland were all hovering around 50, reflecting the generally neutral sentiments of exporters in these markets. Confidence in the European market was somewhat weaker.

Buoyant Prospects

That said, Mr Kwan believed that there would be improvements in the global trade environment in the second half of the year. He also said that Hong Kong's export prospects remain buoyant.

His point was echoed by Daniel Poon, the HKTDC's Principal Economist (Global Research). "As America's economic recovery gains momentum, the unfavourable effects of the severe cold weather at the beginning of this year are now subsiding. As recoveries in the European Union and Japan are also expected to keep their courses, the developed economies should be the main driving force behind global economic growth."

Focus on Asia

Mr Poon encouraged Hong Kong companies to redouble their sales efforts in traditional markets, while responding to business opportunities in emerging markets. Asia, he emphasised, remains the region with the most economic vibrancy. Turning to specific markets, Mr Poon had the following comments:

- US: Its economic growth is expected to be the strongest among developed countries. The quantitative easing programme may well be withdrawn this year, but the low-interest rate environment is expected to linger.

- European Union: The gradual stabilisation of the debt crises and the extensive implementation of fiscal consolidation and structural reforms among member countries will lead to the continual recovery of the EU economy. Growth resumed in the EU beginning the second quarter of last year and the momentum will be maintained and extended to countries such as Portugal and Spain. Non-euro countries such as the United Kingdom also performed decently.

- Japan: "Abenomics" continues to contribute positively to the economy. The aggressive monetary easing policy is keeping the strength of the yen in check and boosting exports. But the sales tax hikes this year and next will have an adverse impact on consumption.

- Chinese mainland: Although the government has signalled that it may accept slower economic growth, it is still expected to roll out stimulus measures to maintain economic vitality. In the long term, its reforms will boost the economy, while urbanisation will stimulate domestic demand, generating major business opportunities for Hong Kong suppliers.

- ASEAN: The ASEAN Community to be established in 2015 will promote economic growth in member countries and throughout the region. Hong Kong suppliers should exploit opportunities in emerging consumer markets such as Indonesia, while considering markets with low production costs such as Myanmar and Cambodia and exploring the feasibility of setting up production bases in those countries.

- Other emerging markets: The hosting of the FIFA World Cup this year and the Summer Olympics in 2016 is stimulating economic growth in Brazil; outlooks for Mexico, Poland, Hungary, the Czech Republic and Turkey are promising, while Dubai remains a regional trading hub.

Looking at the major industries, Mr Poon said sales prospects should be generally optimistic in the medium term, as the global trading environment improves.

Photo Download: http://filesharing.tdc.org.hk/hktdc/download.php?fid=_phpa7D044

Related Video: http://youtu.be/9KYCFvx9k60
HKTDC Research: www.hktdc.com/research/tc

About HKTDC

A statutory body established in 1966, the Hong Kong Trade Development Council (HKTDC) is the international marketing arm for Hong Kong-based traders, manufacturers and service providers. With more than 40 global offices, including 13 on the Chinese mainland, the HKTDC promotes Hong Kong as a platform for doing business with China and throughout Asia. The HKTDC also organises trade fairs and business missions to connect companies with opportunities in Hong Kong and on the mainland, while providing information via trade publications, research reports and online. For more information, please visit: www.hktdc.com. Follow us on Google+, Twitter @hktdc, LinkedIn.

Google+: http://plus.google.com/+hktdc
Twitter: http://www.twitter.com/hktdc
LinkedIn: http://www.linkedin.com/company/hong-kong-trade-development-council

Source: HKTDC

Contact:
HKTDC
Corporate Communication Department
Joe Kainz
Tel: +852 2584 4216
Email: [email protected]




Copyright 2014 ACN Newswire. All rights reserved.

More Stories By ACN Newswire

Copyright 2008 ACN Newswire. All rights reserved. Republication or redistribution of ACN Newswire content is expressly prohibited without the prior written consent of ACN Newswire. ACN Newswire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
In his keynote at 18th Cloud Expo, Andrew Keys, Co-Founder of ConsenSys Enterprise, provided an overview of the evolution of the Internet and the Database and the future of their combination – the Blockchain. Andrew Keys is Co-Founder of ConsenSys Enterprise. He comes to ConsenSys Enterprise with capital markets, technology and entrepreneurial experience. Previously, he worked for UBS investment bank in equities analysis. Later, he was responsible for the creation and distribution of life sett...
Video experiences should be unique and exciting! But that doesn’t mean you need to patch all the pieces yourself. Users demand rich and engaging experiences and new ways to connect with you. But creating robust video applications at scale can be complicated, time-consuming and expensive. In his session at @ThingsExpo, Zohar Babin, Vice President of Platform, Ecosystem and Community at Kaltura, will discuss how VPaaS enables you to move fast, creating scalable video experiences that reach your ...
SYS-CON Events announced today that Bsquare has been named “Silver Sponsor” of SYS-CON's @ThingsExpo, which will take place on November 1–3, 2016, at the Santa Clara Convention Center in Santa Clara, CA. For more than two decades, Bsquare has helped its customers extract business value from a broad array of physical assets by making them intelligent, connecting them, and using the data they generate to optimize business processes.
In his session at @ThingsExpo, Kausik Sridharabalan, founder and CTO of Pulzze Systems, Inc., will focus on key challenges in building an Internet of Things solution infrastructure. He will shed light on efficient ways of defining interactions within IoT solutions, leading to cost and time reduction. He will also introduce ways to handle data and how one can develop IoT solutions that are lean, flexible and configurable, thus making IoT infrastructure agile and scalable.
Businesses are struggling to manage the information flow and interactions between all of these new devices and things jumping on their network, and the apps and IT systems they control. The data businesses gather is only helpful if they can do something with it. In his session at @ThingsExpo, Chris Witeck, Principal Technology Strategist at Citrix, will discuss how different the impact of IoT will be for large businesses, expanding how IoT will allow large organizations to make their legacy ap...
Creating replica copies to tolerate a certain number of failures is easy, but very expensive at cloud-scale. Conventional RAID has lower overhead, but it is limited in the number of failures it can tolerate. And the management is like herding cats (overseeing capacity, rebuilds, migrations, and degraded performance). Download Slide Deck: ▸ Here In his general session at 18th Cloud Expo, Scott Cleland, Senior Director of Product Marketing for the HGST Cloud Infrastructure Business Unit, discusse...
In this strange new world where more and more power is drawn from business technology, companies are effectively straddling two paths on the road to innovation and transformation into digital enterprises. The first path is the heritage trail – with “legacy” technology forming the background. Here, extant technologies are transformed by core IT teams to provide more API-driven approaches. Legacy systems can restrict companies that are transitioning into digital enterprises. To truly become a lea...
There are several IoTs: the Industrial Internet, Consumer Wearables, Wearables and Healthcare, Supply Chains, and the movement toward Smart Grids, Cities, Regions, and Nations. There are competing communications standards every step of the way, a bewildering array of sensors and devices, and an entire world of competing data analytics platforms. To some this appears to be chaos. In this power panel at @ThingsExpo, moderated by Conference Chair Roger Strukhoff, Bradley Holt, Developer Advocate a...
24Notion is full-service global creative digital marketing, technology and lifestyle agency that combines strategic ideas with customized tactical execution. With a broad understand of the art of traditional marketing, new media, communications and social influence, 24Notion uniquely understands how to connect your brand strategy with the right consumer. 24Notion ranked #12 on Corporate Social Responsibility - Book of List.
Just over a week ago I received a long and loud sustained applause for a presentation I delivered at this year’s Cloud Expo in Santa Clara. I was extremely pleased with the turnout and had some very good conversations with many of the attendees. Over the next few days I had many more meaningful conversations and was not only happy with the results but also learned a few new things. Here is everything I learned in those three days distilled into three short points.
SYS-CON Events announced today that SoftLayer, an IBM Company, has been named “Gold Sponsor” of SYS-CON's 18th Cloud Expo, which will take place on June 7-9, 2016, at the Javits Center in New York, New York. SoftLayer, an IBM Company, provides cloud infrastructure as a service from a growing number of data centers and network points of presence around the world. SoftLayer’s customers range from Web startups to global enterprises.
Major trends and emerging technologies – from virtual reality and IoT, to Big Data and algorithms – are helping organizations innovate in the digital era. However, to create real business value, IT must think beyond the ‘what’ of digital transformation to the ‘how’ to harness emerging trends, innovation and disruption. Architecture is the key that underpins and ties all these efforts together. In the digital age, it’s important to invest in architecture, extend the enterprise footprint to the cl...
The vision of a connected smart home is becoming reality with the application of integrated wireless technologies in devices and appliances. The use of standardized and TCP/IP networked wireless technologies in line-powered and battery operated sensors and controls has led to the adoption of radios in the 2.4GHz band, including Wi-Fi, BT/BLE and 802.15.4 applied ZigBee and Thread. This is driving the need for robust wireless coexistence for multiple radios to ensure throughput performance and th...
DevOps at Cloud Expo, taking place Nov 1-3, 2016, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 19th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long dev...
If you had a chance to enter on the ground level of the largest e-commerce market in the world – would you? China is the world’s most populated country with the second largest economy and the world’s fastest growing market. It is estimated that by 2018 the Chinese market will be reaching over $30 billion in gaming revenue alone. Admittedly for a foreign company, doing business in China can be challenging. Often changing laws, administrative regulations and the often inscrutable Chinese Interne...