Global uncertainty drags down HK's export index

Uncertainties in the global economic environment have affected exporter confidence in Hong Kong, according to the latest Export Index announced Wednesday by the Hong Kong Trade Development Council (HKTDC).

For the third quarter of 2015, the export index plunged 9.7 points to 37.1 from 46.8 in the previous quarter, its lowest level since the fourth quarter of 2012, HKTDC Principal Economist ( Global Research) Daniel Poon said at the press conference.

Indices fell for all sectors except jewelry, with the toy industry suffering the biggest slide from 52.5 to 35.6. The export index for the machinery industry was 40.7, while for other industries including electronics, clothing, jewelry and timepieces, the index fell below 40, according to Poon.

HKTDC Director of Research Nicholas Kwan said that due to worse- than-expected global economic performance and lingering concerns about an economic downturn, Hong Kong exports are inevitably under pressure.

"The Greek debt crisis continues to drag down the recovery of the European Union economy," Kwan said.

While the Chinese mainland has introduced stimulus measures, economic growth there continues to moderate, he said, adding as the extent of the recent RMB fall is far smaller than for other Southeast Asian currencies, it will have little impact on Hong Kong's exports.

Meanwhile, the HKTDC has revised its 2015 export growth forecast, from 3 percent to 0 percent. Endi