The Hong Kong Trade Development Council (HKTDC) expects a decline in the city’s export prices next year though volumes are expected to pick up.
The agency is keeping its forecast for overall export value unchanged as the increased export volume is expected to make up for the lower prices, the Hong Kong Economic Journal reported.
For this year, the HKTDC has cut the estimated export value further to a negative growth of 1.5 percent.
The downward adjustment was made in light of higher production costs in mainland China and heightened competitiveness from nearby countries, Nicholas Kwan, HKTDC’s director of research, was quoted as saying.
Hong Kong recorded 1.7 percent negative growth in export value for the first ten months of 2015.
The situation, however, is said to have improved in the last two months of the year.
The export index slid to 31.4 in the fourth quarter, a decline of 5.7 points, reflecting falls in two consecutive quarters and marking the lowest figure since the first quarter of 2009.
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