HK`s Export Index records 48.1 in Q1
The Hong Kong Trade Development Council (HKTDC) Monday announced that its Export Index for the first quarter of 2014 climbed to 48.1.
However, HKTDC Director of Research Nicholas Kwan pointed out that, despite the rebound, the export index was still below the watershed of 50, indicating that export sentiment for the immediate future remained slightly pessimistic.
Machinery performed best among the industry sub-indices, rebounding from 39.9 in the previous quarter to 52.1. The indices of other industries, including electronics, clothing, toys, jewelry and timepieces, also rose, due to improvement of economy.
In individual markets, the indices for Japan and the Chinese mainland climbed back to the above-50 level, both registering 51.1. The indices for the United States and the European Union increased to 48.9 and 48.1 respectively.
The data, according to Daniel Poon, the HKTDC's Principal Economist (Global Research), revealed good prospects for Asia's export markets.
Poon noted that, in addition to the mainland and Japan, the markets of ASEAN warrant more attention from Hong Kong companies. This year, in a bid to strengthen economic and trading ties with ASEAN, the Hong Kong government will begin negotiations for an ASEAN-Hong Kong Free Trade Agreement.