This undated photo shows containers at a cargo terminal in Hong Kong. (PROVIDED TO CHINA DAILY)
HONG KONG - Despite exporter confidence in Hong Kong softening slightly in the third quarter of this year, the Chinese mainland market was a bright spot, with signs of sustained economic recovery, a Hong Kong Trade Development Council (HKTDC) survey says.
The Export Index, compiled by the HKTDC to monitor current export performance of Hong Kong traders and measuring their near-term outlook, slipped to 46.2 for the third quarter, from a four-year high of 50.1 recorded a year earlier.
The findings showed Hong Kong exporter confidence down a little over concern on the clothing, toys, jewelry and timepiece sectors
Nicholas Kwan, director of research at HKTDC
Readings above 50 indicate positive sentiment.
“The findings showed Hong Kong exporter confidence down a little over concern on the clothing, toys, jewelry and timepiece sectors,” said Nicholas Kwan, director of research at HKTDC.
The mainland, Hong Kong’s largest trading partner, remains as the one and only market that stayed above the watershed 50 mark, with a reading of 51.5, down from 51.8 a year ago.
READ MORE: HKTDC: HK exports set to stabilize in 2017
“Exporters in Hong Kong are particularly looking to gain momentum from the world’s second-largest economy, whose economic rebound remains on track to speed up over the coming months,” said Kwan.
The European Union is the most promising market after the mainland, as the potentially negative impact of “Brexit” on Hong Kong’s export performance continues to wane.
Isolationist and protectionist sentiment means the United States is the least encouraging market.
Over the first eight months of this year, Hong Kong’s export sector showed an 8.5 percent growth in trade. For the whole year, export trade is projected to grow 5 percent, Kwan said.
“Riding high on the strong performance over the first seven months, I think it would be rather easy for Hong Kong to reach the goal,” he added.