Latest news with #exportgrowth
Associated Press
2 days ago
- Business
- Associated Press
HKTDC Maintains 3% Export Growth Forecast
Low US Market Exposure Dilutes Tariff Impacts HONG KONG - June 18, 2025 ( NEWMEDIAWIRE ) - Hong Kong is still on course for export growth of 3% this year, the Hong Kong Trade Development Council (HKTDC) confirmed today. This timely assessment came as the HKTDC announced the findings of two of its key metrics namely the 2025 Mid-Year Export Review and Outlook and the HKTDC Export Confidence Index 2Q25. Strong frontloading amid tariff uncertainties The city's 2025 export performance is navigating a period of almost unprecedented turbulence in the global trade arena. Much of this uncertainty has stemmed from the radical shift in US trade policy – particularly the heavy reliance on substantial import tariffs – adopted by President Trump's administration. In anticipation of a hefty tariff regime, many of Hong Kong's exporters opted to 'frontload' their orders in the early months of 2025 before the new tariffs were implemented. This helped bolster the city's export figures in the early months of the year and resulted in a number of other positive factors. Low exposure to US market First, Hong Kong has low exposure to the US market when compared with other economies. For instance, US-bound exports in 2024 accounted for just 6.5% of Hong Kong's total exports. By learning the lessons of previous tariff regimes, notably during the first term of President Trump (2017 to 2021), Hong Kong successfully reconfigured its trading base to reduce its exposure to uncertainties in the US market. Since 2017, Hong Kong has bolstered its trade ties with other economies, with exports to the ASEAN bloc up 38.5% and to the Middle East increasing by 58.1%. The upshot of this is that, despite a 10.5% drop in Hong Kong's exports to the US over the last eight years, Hong Kong's total exports for the period recorded a 17.2% increase. This vulnerability has been further reduced by many Hong Kong exporters prioritizing the diversification of their sourcing locations in line with China+1 or China+N strategies. As a consequence, many of Hong Kong's US-bound exports are now sourced from different locations than they were in 2017. In fact, in 2024, nearly half of Hong Kong's US-bound exports originated from a variety of international sources, notably up from the comparable figure of 15% eight years ago. Taken together, should a high level of US tariffs be reinstated, only about 3.4% of Hong Kong's total exports would be affected. Any impact would then be further diminished once the products eligible for tariff exemptions were also taken into account. Collectively, these factors underpin HKTDC Research's expectation that, even in such adverse trading conditions, Hong Kong's exports will still expand by 3% as predicted earlier in the year. Commenting on the HKTDC's decision to confirm its earlier forecast, Director of Research, Irina Fan, said: 'Whatever the outcome of the ongoing trade negotiations, our low exposure to the US market, robust trade ties with other markets and diversified sourcing networks are the key underlying factors that should allow Hong Kong exporters to weather the US tariffs relatively unscathed.' Weaker export performance expected in 2H In line with the overall expectation that export performance would weaken as 2025 progresses, the overall reading for the HKTDC Export Confidence Index in the second quarter fell below 50 for the first time in a year. This moderate decline in Hong Kong exporter confidence can be taken as aligning with the escalation in global trade uncertainty. With the survey conducted at the height of the China-US tariff trade war (28 April-15 May), this downbeat outcome was widely anticipated. In specific terms, this saw the Current Performance Index fall to 49.6 (down from 52.1), while the Expectation Index stood at 49.0 (down from 51.0). Subsequent to the completion of the survey, new trade negotiations have emerged between Mainland China (including Hong Kong) and the US; an outcome expected to be reflected in the findings of the 3Q25 Index. In other findings, Hong Kong exporter confidence remained high regarding prospects in both the ASEAN bloc (59.9) and Mainland China (52.6), while the corresponding reading for the US plummeted to 31.6 (down from 46.7) The Current Performance of three of the six key Hong Kong industry sectors tracked by the Index remained positive with Jewellery at 51.6, Timepieces at 52.1 and Equipment/Materials at 50.4. In the case of the other three sectors, Electronics and Clothing (both 48.9) were marginally below the watershed level while Toys (43.1) continued its recent decline. Putting the findings into context, Kenneth Lee, Special Project and Business Advisory Section Head, HKTDC Research, said: 'Overall, the findings for the second quarter align with earlier expectations of weaker exporter confidence amid US tariff uncertainties. It is, however, heartening to see Hong Kong exporters maintain a largely positive outlook with regard to all of the city's major markets, except for the US.' To view press releases in Chinese, please visit References - HKTDC Research website: - HKTDC Export Confidence Index 2Q25: Exporter Confidence Weakens Amid US Tariff Uncertainties - 2025 Mid-Year Trade Review and Outlook: Global Trade Talk Progress Sees HKTDC Adhere to 3% Export Growth Forecast Photo download: 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 over 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:
Zawya
4 days ago
- Business
- Zawya
ECA capacitates Zambia, Zimbabwe and Malawi in e-commerce tools and marketing strategies
'I commend UNECA and the Government of Italy for this collaboration to organise this workshop that will provide public and private sector stakeholders with practical tools and methodologies to harness the full potential of e-commerce in driving export growth, enhancing market access, and building competitiveness in global and regional markets'. She was speaking at the workshop on E-Commerce Marketing and Business Development Strategies for the African Continental Free Trade Area (AfCFTA) and Global Markets convened by the United Nations Economic Commission for Africa (ECA), through its African Institute for Economic Development and Planning (IDEP) and its Sub-Regional Office for Southern Africa (SROSA) and funded by the Government of Italy. The overall objective of the workshop was to strengthen the skills of participants from Malawi, Zambia and Zimbabwe to leverage e-trade opportunities in the context of AfCFTA. Mr. Enrico de Agostini, Ambassador of Italy in Zambia reiterated the importance of capacity building of entrepreneurs in the region to ensure sustainable development. Ms. Beatrice Mutali, United Nations Resident Coordinator, speaking on behalf of the UN family in Zambia underscored the importance of partnerships between governments, international partners, private sector and the UN to address the gaps in digital trade such as infrastructure, connectivity to payment systems and regulatory frameworks. The Director of ECA Subregional office for Southern Africa, Ms. Eunice Kamwendo, in her opening remarks, emphasised the efforts of ECA in implementing innovative and practical initiatives in order to better support member states. An example of which is this e-commerce training that was intended to provide strategic and practical tools necessary to unlock opportunities in the e-commerce space under the AfCFTA and in global markets. She further noted that, the AfCFTA, with its promise of a US$3.4 trillion single market, presents ECA and its partners with a unique platform to reimagine value chains, promote innovation, and stimulate sustainable growth driven by the private sector. 'At ECA, we believe that digitalization when guided by inclusive policies and backed by the right skills can bridge development gaps, unlock new markets, and catalyze youth employment'. To complement the training ECA-SROSA experts presented on the AfCFTA and initiatives related to the implementation of the AfCFTA Agreement. Ms. Zodwa Mabuza, Chief Sub-Regional Initiatives outlined the protocol on digital trade indicating that it helps harmonize rules to boost Africa's digital economy, cutting cross-border e-commerce costs, building trust, and supporting Small and Medium Enterprises. Ms. Bineswaree Bolaky, Economic Affairs Officer presented on the AfCFTA, its rationale and instruments, and on ECA's work on AfCFTA, e-commerce and digital trade including outlining ECA's support to member States on developing their National AfCFTA Strategies and Green Supplements to these strategies. Mr. Henry Lubinda, Programme Officer gave an overview of SRO-SA's major areas of support to member States such as inclusive industrialization, green transitions, enhanced food systems and AfCFTA-led trade in Southern Africa. The training consisting of 6 sessions, was facilitated by Mr. Fabio Santoni ASeS-CeFor, the implementing partner of the project funded by Italy. Participants were trained through scenarios and business simulation techniques. At the closing of the workshop, certificates were remitted to participants by Mr. Aime Mbatkam, coordinator of the project at ECA's training arm, the African Institute for Economic Development and Planning. This collaborative initiative between ECA and the Government of Italy aimed at supporting Member states through a capacity building programme for the effective implementation of the AfCFTA Agreement. Under Phase 2, Cameroon, Democratic Republic of Congo, Gabon, Malawi, Mauritania, Zambia, and Zimbabwe benefitted from (i) an assessment of e-trade readiness and (ii) a capacity needs assessment of stakeholders for AfCFTA implementation. These studies informed the design of the online training courses that were subseuqently delivered.
Zawya
13-06-2025
- Business
- Zawya
United Nations Economic Commission for Africa (ECA) capacitates Zambia, Zimbabwe and Malawi in e-commerce tools and marketing strategies
The Permanent Secretary, Zambia Ministry of Commerce Trade and Industry (MCTI), Mrs Lillian Bwalya said, the workshop takes place at a pivotal moment as Africa intensifies efforts to operationalise the African Continental Free Trade Area (AfCFTA), 'I commend UNECA and the Government of Italy for this collaboration to organise this workshop that will provide public and private sector stakeholders with practical tools and methodologies to harness the full potential of e-commerce in driving export growth, enhancing market access, and building competitiveness in global and regional markets'. She was speaking at the workshop on E-Commerce Marketing and Business Development Strategies for the African Continental Free Trade Area (AfCFTA) and Global Markets convened by the United Nations Economic Commission for Africa (ECA), through its African Institute for Economic Development and Planning (IDEP) and its Sub-Regional Office for Southern Africa (SROSA) and funded by the Government of Italy. The overall objective of the workshop was to strengthen the skills of participants from Malawi, Zambia and Zimbabwe to leverage e-trade opportunities in the context of AfCFTA. Mr. Enrico de Agostini, Ambassador of Italy in Zambia reiterated the importance of capacity building of entrepreneurs in the region to ensure sustainable development. Ms. Beatrice Mutali, United Nations Resident Coordinator, speaking on behalf of the UN family in Zambia underscored the importance of partnerships between governments, international partners, private sector and the UN to address the gaps in digital trade such as infrastructure, connectivity to payment systems and regulatory frameworks. The Director of ECA Subregional office for Southern Africa, Ms. Eunice Kamwendo, in her opening remarks, emphasised the efforts of ECA in implementing innovative and practical initiatives in order to better support member states. An example of which is this e-commerce training that was intended to provide strategic and practical tools necessary to unlock opportunities in the e-commerce space under the AfCFTA and in global markets. She further noted that, the AfCFTA, with its promise of a US$3.4 trillion single market, presents ECA and its partners with a unique platform to reimagine value chains, promote innovation, and stimulate sustainable growth driven by the private sector. 'At ECA, we believe that digitalization when guided by inclusive policies and backed by the right skills can bridge development gaps, unlock new markets, and catalyze youth employment'. To complement the training ECA-SROSA experts presented on the AfCFTA and initiatives related to the implementation of the AfCFTA Agreement. Ms. Zodwa Mabuza, Chief Sub-Regional Initiatives outlined the protocol on digital trade indicating that it helps harmonize rules to boost Africa's digital economy, cutting cross-border e-commerce costs, building trust, and supporting Small and Medium Enterprises. Ms. Bineswaree Bolaky, Economic Affairs Officer presented on the AfCFTA, its rationale and instruments, and on ECA's work on AfCFTA, e-commerce and digital trade including outlining ECA's support to member States on developing their National AfCFTA Strategies and Green Supplements to these strategies. Mr. Henry Lubinda, Programme Officer gave an overview of SRO-SA's major areas of support to member States such as inclusive industrialization, green transitions, enhanced food systems and AfCFTA-led trade in Southern Africa. The training consisting of 6 sessions, was facilitated by Mr. Fabio Santoni ASeS-CeFor, the implementing partner of the project funded by Italy. Participants were trained through scenarios and business simulation techniques. At the closing of the workshop, certificates were remitted to participants by Mr. Aime Mbatkam, coordinator of the project at ECA's training arm, the African Institute for Economic Development and Planning. This collaborative initiative between ECA and the Government of Italy aimed at supporting Member states through a capacity building programme for the effective implementation of the AfCFTA Agreement. Under Phase 2, Cameroon, Democratic Republic of Congo, Gabon, Malawi, Mauritania, Zambia, and Zimbabwe benefitted from (i) an assessment of e-trade readiness and (ii) a capacity needs assessment of stakeholders for AfCFTA implementation. These studies informed the design of the online training courses that were subseuqently delivered. Distributed by APO Group on behalf of United Nations Economic Commission for Africa (ECA).
RNZ News
11-06-2025
- Business
- RNZ News
US-China trade deal 'welcome relief' for Kiwi exporters
Todd McClay at the Mystery Creek Fieldays yesterday. Photo: Monique Steele Agriculture Minister Todd McClay who also has Trade portfolio has welcomed news of [ a possible US-China trade deal]. US President Donald Trump says a deal with China is "done" after two days of high-level talks in London. The overnight announcement comes as the government welcomes the state of the country's agriculture sector. The Ministry of Primary Industries' Situation and Outlook report is projecting a double digit increase in New Zealand export revenues this year - though it warns about global uncertainty. It estimates New Zealand's agricultural export revenue could reach just under $60 billion by the end of June, up from a dip in 2023-4. Agriculture and Trade Minister Todd McClay told Morning Report if a US-China deal has been done it would be "good news". At an OECD trade ministers meeting in Paris last week he had met with the trade ministers of both China and the US. Both had then gone off for joint talks so some momentum had been building to try and find a solution to their tariffs impasse. If things calmed down for international trade it would bring "welcome relief" for exporters and result in some "sensible decision-making". McClay said the remarkable growth in primary exports was very positive. Dairy had enjoyed a solid season with a good supply of grass which had increased milk production. The meat sector was performing well and for the first time $5 billion worth of kiwifruit had been exported. Even the US market faced with tariff uncertainty was providing some opportunities for Kiwi exporters, citing the example of NZ King Salmon which has talked of increased sales at a higher price. Kiwi exporters were working hard to add value to their products, McClay said. One example was selling ready to eat burger patties to China which resulted in greater returns for farmers. "So we're seeing Kiwi exporters go for value, not competing on price anywhere as much as they used to." Photo: RNZ / Richard Tindiller A government-backed grass certification standard for dairy and meat exports had been launched at Mystery Creek Fieldays yesterday, McClay said. This would be highly desirable for markets in China, other parts of Asia and the Middle East, McClay said. "Grass fed now is increasingly wanted by consumers and they're willing to pay more." On sustainable products, Groundswell has been calling for New Zealand to exit the Paris Agreement on Climate Change. McClay said that was not going to happen mainly because it would make exports to many markets untenable. He believed Groundswell and others were worried about higher costs and lower production if they adopted sustainable measures. "We've been really clear - we think through technology and other things we can meet these obligations without putting farmers out of business." Alternatives to farmers going into the Emissions Trading Scheme were being worked on and would be announced soon. McClay said the requirement of reducing methane by 10 percent by 2030 was on track to be met. "So it shows farmers are willing to do it but we have to lean heavily into technology rather than just planting trees." A number of products, known as methane inhibitors , have been developed already although they might have to overcome consumer resistance. McClay said anything developed would have to go through rigorous scientific testing. There would be a range of solutions developed and farmers would decide which ones they wanted to pick up. "The overseas customers through the dairy company should be paying for this, not the New Zealand farmer."
Arab News
11-06-2025
- Business
- Arab News
Pakistan unveils five-year tariff reform plan, warns of additional taxes if compliance measures blocked
KARACHI: Pakistan plans to cut its overall tariff regime by more than 4% over the next five years, part of sweeping reforms aimed at boosting exports and shifting the country towards an export-led growth model, Finance Minister Muhammad Aurangzeb said on Wednesday. At a post-budget press conference in Islamabad, Aurangzeb outlined details of the proposed tariff rationalization, saying the government had already removed additional customs duties on 4,000 tariff lines and reduced them on another 2,700, out of a total 7,000. The reforms align with Pakistan's commitments under a $7 billion IMF program approved last year and signal a shift toward an export‑oriented growth model built on a leaner tariff structure, protection of social welfare, and improved tax collection. 'First, the goal is to change the overall protected regime. When you lower protection and dismantle walls around it, you improve the economy's resource allocation, better capital allocation, better human resource allocation, so that's the overall macroeconomic framework," Aurangzeb said, adding that the changes would reduce input costs for exporters and improve competitiveness. The reforms are part of the National Tariff Policy 2025–30 under which the government plans to abolish additional customs duties, regulatory duties, and the fifth schedule of the Customs Act, 1969. The policy envisions a streamlined customs structure with just four duty slabs ranging from 0 to 15%, which would become the maximum rate. 'According to the World Bank, after the successful implementation of these reforms, Pakistan's average tariff will decline to the lowest level in the region,' Aurangzeb had said during his full-year budget speech on Tuesday, when he presented the Rs17.6 trillion ($62 billion) federal budget for FY2025–26. Describing the initiative as Pakistan's 'East Asia moment' during the post-budget speech, the minister said the plan was designed to help the country avoid recurring balance-of-payments crises. 'So that when we go toward growth we don't get into the dollar situation, we don't get into a balance of payment problem,' he said. 'So that we can continue to grow at a certain pace which is export-led.' Aurangzeb emphasized that the tariff cuts would be phased in gradually, starting this year. 'This I am talking about year one. We will take it towards a more than 4 percent reduction in the overall tariff regime in Pakistan,' he said. The government is aiming to lift exports, which grew more than 6% year-on-year to $26.9 billion during July-April, against imports of $48.3 billion, up 8% in the same period. ENFORCEMENT, ADDITIONAL TAXES Aurangzeb also warned that the government could be forced to impose Rs400–500 billion ($1.4-1.75 billion) in additional taxes if the Pakistani parliament failed to pass enabling legislation needed to implement enforcement provisions tied to Rs312 billion ($1.1 billion) in proposed new tax measures for the coming fiscal year. 'The parliament should help us in enabling amendments so we don't opt for additional measures to stop the leakages in the system,' he said. The minister noted that enforcement actions in the current fiscal year had already yielded Rs400 billion ($1.4 billion) in additional revenue. Without legislative support, the government may be compelled to introduce further taxation to close gaps. Without naming them directly, Aurangzeb said international financial institutions had signed off on Rs389 billion ($1.36 billion) in additional taxes for FY26 as part of budget negotiations. 'We now have the credibility and trust internally and externally that we can do the enforcement,' he said. BUDGET NUMBERS 'LOCKED' WITH IMF Flanking the finance minister, Finance Secretary Imdadullah Bosal said the government had 'locked' all key budget numbers with the IMF. The $7 billion loan program the lender approved for Pakistan in 2024 comes with a strict reforms agenda on fiscal consolidation, debt rationalization, revenue mobilization, among other issues. The IMF, in a recent statement, confirmed Pakistan had committed to continued fiscal consolidation while safeguarding social and priority spending in the new budget. Bosal said the government had managed to reduce current expenditures to under 2% growth in FY25 from 26% in FY24. 'This is our response back to those people who are paying taxes in this country,' Aurangzeb said, adding that the budget had attempted to extend relief to pensioners, salaried individuals, and businesses, despite fiscal constraints. 'The federal government, whatever it is giving, is from the loans that we are taking because we start [the new year] with a deficit.'
