Logistics inches up to 52.6 MoM despite global cooldown

The city ranked ninth out of 42 economies, fourth in Asia-Pacific.

Hong Kong's Logistics Growth Index (LGI) rose marginally by 0.1 to 52.6 month on month (MoM) in October, according to a report by the World Research Institute (WRI) on 7 November.

This comes amidst an easing global average, which fell to 51.2 from the July peak of 52.1. November LGI is projected to further cool down to 50.

This is the highest reading for Hong Kong since January, ranking 9th amongst 42 economies and 4th of 16 countries in the Asia-Pacific region.

Transportation and Business Sentiment indices drove expansion, said WRI. More freight moved by sea and large firms’ overall expectations for the fourth quarter turned net positive in a survey on 16 October.

Stephen Poh, a principal economist at WRI, added that sustained demand from technology-related sectors also supported warehouse leasing in the third quarter.

The next index report is expected to drop on 7 December.