Hong Kong's export growth forecast raised to 9% to 11% in 2024

According to the HKTDC, the upward revision is mainly due to the improved performance of Hong Kong's exports and the optimism of exporters about the future business prospects.

According to the data, Hong Kong's exports grew by 12.5% in the first five months of this year due to the continuous growth of orders for electronic products, which account for about 70% of Hong Kong's total exports.

According to the latest survey released by the Hong Kong Trade Development Council on the same day, compared with the previous quarter, Hong Kong exporters were satisfied with the business performance in the second quarter of this year, with the export confidence expectation index rising to 54.3 points, and 73% of exporters expected profits to rise or remain unchanged in the coming year, up from 55.9% in the previous quarter.

The HKTDC believes that the rebound in Hong Kong's exports is related to the growing stability of the global economy, with all export markets rebounding, especially driven by strong demand from the Mainland.

The Mainland, Hong Kong's largest market, continues to recover from its economic performance, so it is assumed that demand will continue to increase, which is good for Hong Kong's exports.