Commerce chief cautiously optimistic on export outlook

Cautious optimism has been expressed by Hong Kong's commerce minister regarding the city's export outlook for the year. Secretary for Commerce and Economic Development Algernon Yau told a television programme on Saturday that export figures had been strong over the past few months but geopolitics had made demand forecasts for imports and exports difficult. “The overall economic development is influenced by the development of artificial intelligence. The influence is huge," Yau said. "Many of our exports are electronic devices. Will the AI boom continue or what will happen? "Will global supply chains be affected by geopolitics? There are many different factors. “Also, given our country’s overall economic development, a lot of exports are re-exports, so many of our nation’s products are re-exported via Hong Kong. "A strong national economy will lead to an even better situation in Hong Kong.” Asked whether trade opportunities with Asean and the Middle East held more potential than Central Asia, Yau said the last region had greater scope for growth. The question came after a recent trip to Central Asia made by a delegation led by Chief Executive John Lee, during which 96 memoranda of understanding were signed in Kazakhstan and Uzbekistan. As Central Asia is also seeking openings for development of its financial sector, Yau said there are great opportunities. Given that Hong Kong’s existing markets have reached a certain stage of maturity, the SAR needs to keep developing new ones, he added. Edited by Azam Khan