Healthy sales growth seen in Hong Kong export markets

HONG KONG - Retail business in Hong Kong’s export markets is expected to grow in 2018, according to a worldwide study of year-end sales released today by the Hong Kong Trade Development Council (HKTDC).

The report, on preliminary 2017 Christmas sales in Hong Kong’s key export destinations – including both traditional and emerging markets – found that solid growth was observed in the United States, Germany and Japan as well as the Chinese mainland, Hungry, Poland, the Czech Republic and Brazil.

The level of Christmas sales in Hong Kong’s major exports markets serves as a barometer of the economic health of individual countries and trading blocs, the report says.

“The positive retail sales growth witnessed towards the end of 2017 suggests that the traditional markets are now on track for growth, while the emerging economies are also picking up speed,” HKTDC Principal Economist (Greater China), Billy Wong, said.

“Overall, the global retail market enjoyed healthy festive growth over its traditionally busiest period. The growth momentum of the global consumer market is likely to be maintained in 2018.”

The study also found that consumer electronics were among the most popular items, and that online retail sales grew faster than overall retail sales in many major markets.

“The ubiquity of omni-channel purchasing opportunities will continue to transform the global retail industry, resulting in both new challenges and new opportunities for Hong Kong exporters,” Wong said.

“With the global economy taking a clear upturn, though, there has never been a better time for Hong Kong exporters to review their strengths and weaknesses as they look to maintain their overall competitiveness.”  www.hktdc.org (ATI).