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Why Hong Kong should brace itself for weak exports recovery this year
July-August data hit only 4.3%.
According to UBS, exports grew on average 4.3% during July-August, improved slightly from 2Q’s 2.4%y/y increase.
Exports of goods and services were 212% of nominal GDP, and while much of these exports are not actually produced in Hong Kong, the economy does provide shipment, logistics, finance and services to the sector.
Here's more from UBS:
Thus trade is a key driver of employment and income, and by extension consumption and investment.
Leading indicators for exports have mostly stabilized; but China surprises to the downside. Overall, we continue to expect a weak export recovery in 2013.
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