Chinese mainland remains backbone for HK exports amid COVID-19
By Ni Hao Source: Global Times Published: 2020/11/26 0:24:18
The growth of Hong Kong's exports to the Chinese mainland has played an important role in boosting its foreign trade situation amid the COVID-19 pandemic.
Hong Kong's exports to the Chinese mainland increased by 3.4 percent in the first 10 months of 2020, amid a sharp decline in its exports to other major countries and regions, particularly the US, data from the Special Administrative Region (SAR) government showed.
In the first 10 months of 2020, the value of Hong Kong's exports to the US, India and Germany dropped by 17.9 percent, 17.5 percent and 17.1 percent, respectively.
As the Chinese mainland accounts for 60 percent of Hong Kong's total export volume, the rise in exports to the mainland has made up for the decline in exports to other countries to a great extent, experts said.
Since 2020, the mainland market has been a backbone supporting Hong Kong's exports and playing an import role in easing its trade pressure, Liang Haiming, dean of the Belt and Road Institute at Hainan University who closely follows Hong Kong economic affairs, told the Global Times.
Liang said that Hong Kong's exports to Europe and the US will remain weak and could fall further due to the impact of the pandemic.
He said that Hong Kong with its rich experience in the international market will continue to play the role of a "super coordinator" between the mainland and the global market. More importantly, Hong Kong's foreign trade enterprises should firmly grasp the large market of 1.4 billion people in the mainland and increase sales to the mainland market, Liang noted.
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