Hong Kong trade council cuts export forecast amid headwinds

The survey noted that only 13.4% of respondents expected an increase this year, down 23.1 percentage points from the previous quarter. — AFP

BEIJING: The Hong Kong Trade and Development Council (HKTDC) slashed its full-year forecast for the city’s export growth to between zero and 2%, down from its earlier estimate of 5%, as heightened world trade frictions sour markets and exporters wrestle with worries about a global slowdown.

The HKTDC’s downgrade followed its flagship export index, showing that Hong Kong exporters have regained some business confidence – a consequence of the lifting of anti-pandemic measures and the resumption of regular business activities – although their outlook is still pessimistic overall.