Exports to grow 5% in 2023: HKTDC
In 2022, exports declined by 6%.
Experts predict that exports will rebound next year, growing by 5%. In 2022, exports declined by 6%.
According to the Hong Kong Trade Development Council (HKTDC), exports will “gradually regain growth momentum amidst the receding pandemic, easing of COVID-19 restrictions and resumption of cross-border land transportation."
In one of its surveys, the council reported that there are more exporters who no longer suffer from pandemic-related problems (32.7%) and had already made progress towards resolving the challenge of high transportation costs and logistics bottlenecks.
Exporters, however, remain concerned about risks of an economic slowdown or recession in major markets (36.2%) and difficulties in cross-border travel (21.1%)
To address these concerns, most said they will develop new products (50.0%), stabilise cash flow (34.6%) and cut costs (30.5%) in 2023.
Other business strategies to be adopted included lowering minimum order quantities, increasing the use of e-commerce for sales and purchases as well as enhancing marketing, promotional or business matching activities.