Inaugural HKTDC Export Confidence Index: Rising expectations of export uptick

The Hong Kong Trade Development Council (HKTDC) released its inaugural HKTDC Export Confidence Index today.

An upgrade to the well-established HKTDC Export Index, the new quarterly HKTDC Export Confidence Index will provide a more nuanced and comprehensive overview of business sentiment among Hong Kong-based exporters.

Derived from a survey of more than 500 Hong Kong exporters, the Export Confidence Index comprises five sub-indices – Sales and New Orders, Trade Value, Cost, Procurement and Inventory. These findings are evaluated in terms of Current Performance (how they represent present market sentiment) and Expectation (a measure of exporter sentiment with regard to the coming quarter).

For the first quarter of 2024 (January-March), the overall Expectation score was 47.4. This figure is close to the 50 benchmark (the dividing point between contractionary and expansionary trends) indicating an improved near-term export outlook. It was also notable that the Expectation scores for all sub-indices comfortably exceeded the Current Performance reading of 39.6, which, again, suggests exporters are confident that better times lie ahead.

Commenting on the thinking behind the new index, HKTDC Director of Research Irina Fan said: “Multiple elements impact exporter confidence and we now have an evaluation system that allows us to factor them all in. This will ensure that our quarterly assessment of this key component of Hong Kong’s economy is more versatile, more relevant and more insightful than ever before.

“The success of this initiative to date has allowed us to confidently report a likely uptick in orders from Mainland China, as well as a gradual overall recovery in exports that looks set to be led by the electronics sector.”

Optimistic prospects in Mainland China and US

Among the other key findings, the Sales and New Orders sub-index highlighted rising confidence in export growth, with its 49.9 reading close enough to 50 to suggest a high likelihood of stabilisation.

On the market front, exporters are generally more optimistic with regard to Mainland China and the United States, with exporters anticipating resumed growth in mainland orders in the second quarter.

Of the six key export sectors, electronics enjoyed the most positive outlook, followed by timepieces, equipment/materials, clothing, toys and jewellery.

There are also signs of stronger procurement activity in the electronics, toys and equipment/materials sectors as the corresponding Expectation indices approach or exceed the 50 level.

Overseas markets to regain growth momentum

For survey respondents, economic risks remained the primary concern among the external market issues that could potentially impact exports over the next 12 months. For 83.3% of respondents, an economic slowdown/recession in their primary markets was considered the biggest potential obstacle to export growth.

Putting the findings into perspective, Cherry Yeung, the HKTDC Senior Economist with oversight of the new Index, said: “Despite such concerns, there are many positive takeaways from the Q1 survey. Some 70% of traders, for instance, are anticipating resumed growth in their core overseas markets, while 37.1% are expecting a rapid upturn in mainland market demand. Looking beyond that, 36.4% of respondents are confident that e-commerce will provide new impetus for many export businesses in the course of the coming year.

“It is also reassuring that 55.9% of exporters believe their future profitability will remain unchanged or actually improve, with 40.9% expecting their profit levels to stay stable and 15% seeing an upturn on the horizon.”

References
HKTDC Export Confidence Index: https://research.hktdc.com/en/article/MTY0Nzc3MTE3OQ
HKTDC Research website: https://research.hktdc.com/en/

Photo download: https://bit.ly/3xfpjHJ

HKTDC Director of Research Ms Irina Fan (right) and Senior Economist Ms Cherry Yeung (left) announced the inaugural HKTDC Export Confidence Index for the first quarter of 2024 at a press conference today

HKTDC Director of Research Ms Irina Fan

HKTDC Senior Economist Ms Cherry Yeung

Media enquiries

Please contact the HKTDC’s Communication and Public Affairs Department:

About HKTDC

The Hong Kong Trade Development Council (HKTDC) is a statutory body established in 1966 to promote, assist and develop Hong Kong’s trade. With 50 offices globally, including 13 in Mainland China, the HKTDC promotes Hong Kong as a two-way global investment and business hub. The HKTDC organises international exhibitions, conferences and business missions to create business opportunities for companies, particularly small and medium-sized enterprises (SMEs), in the mainland and international markets. The HKTDC also provides up-to-date market insights and product information via research reports and digital news channels. For more information, please visit: www.hktdc.com/aboutus. Follow us on Twitter @hktdc and LinkedIn


Topic: Press release summary

Inaugural Herald’s Women’s Executive (we) Summit To Be Presented By Bank Of America

WE Summit Brings Together Top Female Thought Leadership to Address Key Issues Impacting Mental Health, Wellbeing and the Bottom Line

GARDEN CITY, N.Y.June 30, 2023PRLog — Herald Community Newspapers and RichnerLIVE today announced Bank of America as the presenting sponsor for its inaugural Women’s Executive (WE) Summit to be held August 7, 2023 at The Crescent Beach Club in Bayville, NY.

No matter the industry, businesses around the world are undergoing dramatic changes to the way they operate. From technology use, and skills development to addressing cultural barriers, equal pay and hybrid or remote work — every organization must adapt and evolve or risk being left behind. As we navigate a time of pivotal change, the 2023 WE Summit will bring together thought leaders, innovators and barrier-breaking women for conversations around this year’s theme: The Future is Now.

“Bank of America is committed to investing in women, from supporting our teammates’ wellbeing and professional growth to empowering our clients and community,” said Marc Perez, president, Bank of America Long Island. “Women are critical for driving local economic growth and by supporting female leaders and entrepreneurs across the island, we can help build a more diverse talent pipeline and better Long Island for all.”

“We are excited for the opportunity to partner with Bank of America, a company that is dedicated to helping their teammates and colleagues be their best at work and at home,” Amy Amato, Executive Director, Richner LIVE added. “Since the pandemic, the workscape has evolved so dramatically that we felt it imperative to bring together thought leaders from across industries to discuss and share tangible advice that can be actioned today. After all, the future is here.”

The 2023 Women’s Summit speaker line-up, programming and tickets are available at www.richnerlive/2023-we-summit.

About Bank of America:

Bank of America is one of the world’s leading financial institutions, serving individual consumers, small and middle-market businesses and large corporations with a full range of banking, investing, asset management and other financial and risk management products and services. The company provides unmatched convenience in the United States, serving approximately 68 million consumer and small business clients with approximately 3,900 retail financial centers, approximately 15,000 ATMs and award-winning digital banking with approximately 56 million verified digital users. Bank of America is a global leader in wealth management, corporate and investment banking and trading across a broad range of asset classes, serving corporations, governments, institutions and individuals around the world. Bank of America offers industry-leading support to approximately 3 million small business households through a suite of innovative, easy-to-use online products and services. The company serves clients through operations across the United States, its territories and more than 35 countries. Bank of America Corporation stock is listed on the New York Stock Exchange.

For more Bank of America news, including dividend announcements and other important information, register for news email alerts.

About Richner Communications, Inc.:

Richner Communications, Inc. (RCI) is a leading Long Island-based media company, with offices in Garden City and Riverdale, NY. Founded in 1964 by the Richner family and now in its second-generation of family ownership, RCI publishes the Long Island Herald, The Jewish Star, the Pulitzer Prize-winning Riverdale Press, Great Homes, Living Large, LI Prime, Xpress Coups, Long Island HOME and special interest magazines. RCI also operates a state-of-the-art commercial printing facility and promotes community-centric programs, such as Herald Hometown Heroes and Kindergarten K-Kids. The company’s RichnerLive division produces the Herald InsideLI webinar series as well as live and virtual events, including The Premier Business Women of Long Island Awards, Excellence in Healthcare, Long Island Choice Awards, Senior Health & Beyond Expos, Health Expos, Top Lawyers of Long Island Awards, Real Estate Achievers & Leadership Awards, Kids Zone Expo and Long Island Family Business Awards. More information at www.LIHerald.com [liherald.com] (https://urldefense.com/v3/__http:/www.liherald.com/__;!!I…).

For more information, visit www.richnerlive/2023-we-summit Follow us on Twitter/Instagram: @RichnerLive LinkedIn: www.linkedin.com/company/richnerlive-events/

#WESUMMITLI2023 #THEFUTUREISNOW

PM to address the inaugural session of ‘JITO Connect 2022’ on 6th May


Prime Minister Shri Narendra Modi will address the inaugural session of Jain International Trade Organisation’s ‘JITO Connect 2022’ on 6th May 2022 at 10:30 AM via video conferencing.


Jain International Trade Organisation (JITO) is a global organisation connecting Jains worldwide. JITO Connect is an endeavour to help business and industry by providing an avenue for mutual networking and personal interactions. ‘JITO Connect 2022’ is a three day event being organized at Gangadham Annex, Pune from 6th to 8th May and will encompass multiple sessions on diverse issues relating to business and economy.


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Hong Kong – Target date of inaugural flights under HK-Singapore Air Travel Bubble deferred

Target date of inaugural flights under HK-Singapore Air Travel Bubble deferred

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     The Government of the Hong Kong Special Administrative Region (HKSAR) announced today (May 17) that in view of the recent COVID-19 epidemic situation in Singapore, the Governments of the HKSAR and Singapore have decided to defer the target date of the inaugural flights under the bilateral Air Travel Bubble (ATB) scheduled for May 26.

     A Government spokesman said that the two governments will continue to closely monitor the epidemic situation in both places, including the effectiveness of the enhanced anti-epidemic measures introduced by the Singapore Government, which have taken effect from yesterday (May 16) and would last till June 13. During this period, both sides will continue to maintain communication, exchange relevant data and statistics, and review developments closely before deciding on the way forward with the inaugural flights under the ATB. A further announcement will be made on or before June 13.

     The spokesman stressed that both governments remain strongly committed to launching the ATB with a view to resuming air travel between the two regional aviation hubs and international cities in a gradual and orderly manner under a set of stringent public health control protocols.

     Travellers who have already made bookings on designated flights during the period may wish to contact their airlines and adjust the itineraries according to their own circumstances.

     For details of the ATB, please refer to the designated website: www.tourism.gov.hk/travelbubble.