ECIC launches support measures for firms facing US trade shifts

The measures will support SMEs, exporters, and local businesses.

The Hong Kong Export Credit Insurance Corporation (ECIC) introduced measures to support local exporters and help businesses expand into new markets amidst rising US tariffs.

From 10 April to 10 June,  the ECIC will extend the free pre-shipment cover for holders of the Small Business Policy (SBP), and offer a 50% discount on pre-shipment risks to cover premiums for non-SBP holders.

To reduce costs and assist exporters in tapping into ASEAN markets, the ECIC will reduce the premium rates for new markets, to align with those for traditional major markets.

In addition, the ECIC will provide support to small and medium enterprises (SMEs) through various funding schemes.

“The US has been repeatedly changing its policies, increasing tariffs within days and imposing the so-called reciprocal tariffs against Hong Kong notwithstanding that we have never implemented any tariffs. It is totally illogical and ungrounded, once again showing the US’ bullying act for suppressing its competitors,” Algernon Yau, secretary for Commerce & Economic Development said.