Peru port could be an answer to US fees on Chinese ships: Hong Kong experts
The impact of US port fees on Chinese ships docking in the country may be mitigated by using a Peruvian port for the Latin American market, Hong Kong industry leaders have said, warning that the levy will only cause damage.
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The remarks made on Saturday were in response to the new port fees announced by US President Donald Trump's administration on all Chinese-owned, operated and built vessels docked in the United States, with the industry leaders also saying businesses should diversify to and cultivate other markets, such as the Middle East.
'The measures often cause damage to others without any gains for themselves,' said Wingco Lo Kam-wing, president of the Chinese Manufacturers' Association of Hong Kong.
'Most large vessels are Chinese-made. The measure could potentially hit [the US' own] logistics, causing prices of goods to rise, affecting not only us but the rest of the world. As for their tariffs, it's not only affecting us but the world. For manufacturers exporting to the US, especially those with production in Hong Kong could bear the brunt.'
He highlighted that only about HK$6 billion (US$773 million) worth of Hong Kong-made products were exported to the US a year, which accounted for less than one per cent of the city's HK$9 trillion import and export business.
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Trade between the US and China – including that with Hong Kong – has been continuously declining, according to Lo, with the US being China's third-largest trading partner after Asean and the European Union.
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