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Steady Growth of Global Economy Continues to Support Export Performance

According to the external merchandise trade statistics released by the Census and Statistics Department of the Hong Kong SAR Government, the value of total exports of goods in October increased by 6.7% over a year earlier to HK$334.7 billion, after a year-on-year increase of 9.4% in September 2017. Within this total, the value of re-exports increased by 6.7% to HK$331.0 billion in October 2017 and the value of domestic exports increased by 3.2% to HK$3.7 billion. For the first 10 months of 2017 as a whole, the value of total exports of goods rose by 8.3% over the same period in 2016.

Comparing October 2017 with October 2016, total exports to Asia as a whole grew by 8.0%. In this region, increases were registered in the values of total exports to most major destinations, in particular India (+36.5%), Thailand (+23.4%), the Philippines (+17.4%), Japan (+14.9%), Taiwan (+10.8%), Korea (+6.8%) and Mainland China (+6.4%). A decrease was recorded in the value of total exports to Malaysia (-2.2%). Yet, apart from destinations in Asia, increases were registered in the values of total exports to some major destinations in other regions, in particular Germany (+22.6%), the UK (+6.1%) and the US (+0.2%).

A Government spokesman noted that merchandise exports continued to grow notably in October over a year earlier, thanks to an improving global economy, with almost all major markets registering varying degrees of increases. Looking ahead, the global economy is expected to show further solid growth in the near term. The favourable external environment should continue to render support to our export performance, notwithstanding a higher base of comparison towards the end of last year when the current round of revival in trade flows began to take shape.

Corporate Failures in Major Export Markets

Change in 2017 Q3 over same period last year (%)201620152014

*Figures of September 2017 are not included for Germany.

Corporate failure cases in the US and Japan recorded the decrease of 5.5% and 0.3%, respectively in the third quarter when compared to the same period in 2016. However, corporate failure cases of the UK rose sharply by 17.9%. A year-on-year decrease of 7.7% was recorded for Germany in July to August.

Growth of advanced economies including Eurozone and the United Kingdom is still at low level, while negotiation about withdrawal of the UK from the European Union, and potential protectionism increase has added uncertainties to globalisation and free trade. Exporters should continuously pay more attention on credit risk management. To support SMEs, the HKECIC offers a new “Fixed Amount Cover Endorsement” under the Small Business Policy for 1-year period, which provides more flexible options to SMEs. For more information, please refer to the HKECIC website www.hkecic.com.

Content provided by Picture: Hong Kong Export Credit Insurance Corporation
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