Exports rise for the first time in 12 months
It grew 6.3 points to 30.9 points in the second quarter of 2022.
The Hong Kong Trade Development Council (HKTDC) Export Index increased 6.2 points to 30.9 in the second quarter of 2022, marking its first rise in the past 12 months.
In a statement, the HKTDC said the increase showed that local exporters are regaining their confidence in the market’s outlook as the pandemic subsides and supply chain woes ease. These factors also offset strict lockdowns in China, which led to production shutdowns and delayed shipments.
“With the pandemic beginning to recede, cross-border cargo flows and many manufacturing activities getting back to normal, our latest survey findings show a significant improvement in the overall business sentiment, although exporters remain cautious," Irina Fan, director of research at HKTDC, said in a June 14 press conference.
Meanwhile, the HKTDC also found that 79.1% of local exporters said their businesses were hardest hit by the pandemic over the past few months, which is down 14 percentage points from the first quarter (Q1) of 2022.
Whilst only 35.8% of local exporters said the health crisis is their top concern for the next few months, which is down 17.7 percentage points compared to Q1 2022.
With these results, Fan said they see a strong recovery in trade performance in the second half of 2022.
"Our export forecast for this year remains unchanged at an 8% increase compared to 2021," Fan said.
She added that there could be strong growth in total export value, which is mainly driven by cost-induced price increases.