HKTDC: New US tariffs have little impact on Hong Kong and Hong Kong's exports are expected to increase by more than 20% throughout the year

The Zhitong Finance App learned that the US recently announced the Section 301 tariffs. Hong Kong Trade Development Council Chairman Ma Shiheng said that the current assessment has little impact on Hong Kong and still maintains expectations of a 20% increase in exports this year. He said bluntly that it is expected that Hong Kong's exports will grow by 28% to 29% throughout the year, describing the original forecast as “very conservative”, and believes that tariffs will not have much impact.

Hong Kong Trade Development Council Research Director Pang Yi explained, first, that the new tariffs are actually only a simple replacement for previously expired tariffs; second, various tariff exemptions are still in effect, including electronic products, which account for about 70% of Hong Kong's exports, and the actual impact is limited. Furthermore, China and the US are planning to hold talks in September, and I believe continued dialogue will help facilitate more coordinated trade arrangements.

The President of the Hong Kong Trade Development Council, Cheung Suk-fan, pointed out that Hong Kong's export growth was mainly driven by electronic products. Recently, strong demand for AI, data centers, and related chips and electronic components has led to continued growth in re-export trade. She believes that the AI trend will not reverse in the short term, and Hong Kong's export growth momentum is expected to continue with the pace of technological development.

Furthermore, the Hong Kong Trade Development Council announced two measures. On the one hand, it will improve the structure to support enterprises with six major industrial groups as the core to enhance operational efficiency and synergy; in addition, it will also explore new markets, including strengthening the resources of the Central Asia and Middle East advisory offices, and will also establish a new consulting office in Cairo, Egypt to strengthen its presence in Africa.