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The Star
4 days ago
- Business
- The Star
Hong Kong growth to hold steady in 2H25
HONG KONG: Hong Kong's economy demonstrated strong resilience in the second quarter of this year (2Q25), marking the 10th consecutive quarter of positive growth, with experts anticipating the upward trajectory to persist well into the second half (2H25) and positioning the city to meet the Special Administrative Region's (SAR) projected growth target. The SAR's gross domestic product (GDP) increased by 3.1% in real terms year-on-year in the 2Q25, according to the Census and Statistics Department. On a seasonally adjusted quarterly basis, GDP expanded by 0.4% in real terms compared to the 1Q25. 'This pattern of growth, even in a challenging external environment, highlights Hong Kong's economic resilience – anchored in its open market structure, sound financial infrastructure, and strategic role in connecting the Chinese mainland with the outside world,' said Edward Au Chunhing, southern region managing partner of Deloitte China. Au said the robust rebound in exports is 'the most significant contributor' to the remarkable economic growth in the 2Q25, driven by 'rushed shipments' by traders ahead of anticipated tariff policy changes in the United States, alongside Hong Kong's deepening trade ties with the Chinese mainland and other Asian markets. University of Hong Kong's business school associate dean Tang Heiwai said apart from exports, another significant driver has been the robust financial sector. According to government data, this sector – a major component of the city's economy – directly contributed nearly 25% to Hong Kong's GDP in 2023. Tang highlighted a few favourable circumstances boosting the local stock market, including encouragement by the People's Bank of China to expand the southbound investment channel, and international capital inflows prompted by concerns over US tariff policies. He further pointed out that these dynamics have benefitted several other industries, especially business services, thereby improving the overall market condition. Tang forecasts Hong Kong's financial sector to propel economic growth in the 2H25 as well, buoyed by the substantial pipeline of enterprises preparing to list on the stock market. He said the overall yearly growth will align with the SAR government's target range of between 2% and 3%. In June, Carlson Tong Ka-shing, chairman of Hong Kong Exchanges and Clearing, said the market had 190 businesses waiting to list in the city. 'With the boost from exports and the financial industry, the two pillars of Hong Kong's economy, I expect the annual growth will approach or even surpass 3%. 'I remain optimistic about the short-term economic growth,' Tang said. However, Au cautioned about the risk of an export slowdown, noting that despite a solid recovery, Hong Kong's economy may encounter challenges in the 2H25 and well into 2026. 'The recent export boost from front-loaded shipments may not be sustained, especially amid rising global trade tensions and the potential impact of new US tariffs on major markets,' Au explained. Despite geopolitical tensions, Hong Kong Baptist University associate professor in the department of accountancy, economics and finance Billy Mak Sui-choi remains optimistic that the export momentum will be sustained in the 3Q25, if the United States continues to postpone tariff moves against China. He noted that August and September are peak shipment months to Western countries ahead of holidays like Thanksgiving and Christmas, which will typically bolster the export and transshipment volumes. Meanwhile, an improved tourism sector and stabilising retail market, coupled with a growing influx of overseas tourists, are expected to boost the broader economy, he added. Mak is 'cautiously optimistic' about economic growth in the coming months, while emphasising the necessity of creating new growth points. — China Daily/ANN
HKFP
08-07-2025
- General
- HKFP
‘No Butts Day': Hongkongers collect over 20,000 cigarette butts as part of global environmental campaign
Hongkongers collected 22,012 discarded cigarette butts on Saturday, as 36 volunteers joined the global 'No Butts Day' environmental campaign for the first time, according to charity Plastic Free Seas. According to a Monday press release, the anti-plastic pollution NGO partnered with Yeungs – a plastic waste reduction enthusiast – to raise awareness about plastic cigarette filters and toxic pollution. Participants were encouraged to pick locations around Hong Kong and collect cigarette butts, submitting the locations and numbers collected to the Plastic Free Seas website. Participant Janice Baird told HKFP on Tuesday that she was shocked by her experience. 'I didn't think I'd find anything because [the road] looked really clean, and I was so surprised to find them everywhere, between cracks in the pavement, in the bushes, just everywhere,' she said. 'It was both a big learning experience, but also devastating,' she added. Another participant, Natasha Chawla, said she collected over 600 cigarette butts around her Lohas Park neighbourhood with a friend. Microplastic risk In 2023, there were over 577,000 daily conventional cigarette smokers in Hong Kong, consuming an average of 12.1 cigarettes daily, according to the Census and Statistics Department. 'Even if only 15 per cent of the butts are improperly disposed [of] – and that's a low estimate – it would mean that over one million butts are ending up in our environment every day in Hong Kong,' said Dana Winograd, executive director of Plastic Free Seas, in the press release. Winograd told HKFP that many participants were not aware that cigarette butts are made of plastic and how 'No Butts Day' served as an educational awareness campaign. 'My main focus is to raise awareness of the fact that these are plastic and they don't belong in the environment,' she said. The 'No Butts Day' campaign originated in the Netherlands in 2019, and was initially launched to raise awareness of the environmental costs of cigarette filters. On Saturday, thousands of volunteers across 25 countries collected 964,000 cigarette butts from the environment, Plastic Free Seas said. According to a report from Stopping Tobacco Organizations and Products, almost all cigarettes contain filters made of plastic. The global industry watchdog adds that the non-biodegradable filters break down into microplastics, potentially leaching chemicals – including heavy metals – into the environment. The Hong Kong government does not currently have any policies regarding plastic cigarette filters, though littering is publishable by a fixed penalty of HK$3,000. Authorities have, however, taken several measures to reduce plastic waste including a limited ban on single-use plastics starting in 2024.
The Star
26-06-2025
- Business
- The Star
Hong Kong's total goods exports, imports see double-digit growth in first 5 months
HONG KONG, June 26 (Xinhua) -- In the first five months of 2025, the value of total exports of goods increased 12.6 percent year-on-year, and the value of imports of goods rose 12.9 percent year-on-year, the Hong Kong Special Administrative Region (HKSAR) government said on Thursday. According to the latest external merchandise trade statistics released by the Census and Statistics Department of the HKSAR government, in May 2025, the total value of Hong Kong's exports and imports rose 15.5 percent and 18.9 percent year-on-year, respectively. A spokesperson for the HKSAR government said that the value of merchandise exports continued to show resilience. Exports to the mainland and most other Asian markets grew visibly further. Exports to the European Union turned to moderate growth, while those to the United States fell. Looking ahead, a sustained steady growth in the mainland economy and Hong Kong's enhanced economic and trade ties with different markets should render support to trade performance, the spokesperson added.
RTHK
26-06-2025
- Business
- RTHK
Exports post larger-than-expected increase
Exports post larger-than-expected increase Hong Kong's foreign trade increased more than expected in May, with the growth pace for imports marking the fastest in nearly one and a half years. Photo: RTHK Hong Kong's foreign trade expanded more than expected last month despite the imposition of unilateral tariffs by Washington, with increasing shipments to Asia offsetting a drop in exports to the United States and European Union. Figures released by the Census and Statistics Department on Thursday showed the value of exports grew by 15.5 percent year on year to HK$434.1 billion. That compared with a 14.7 percent increase in April, and was higher than market expectations of a 12.5 percent rise. The value of shipments to Asia continued to rise, up by 21.8 percent year on year, with the standouts being to Japan, which almost doubled, and Malaysia and Taiwan, which jumped about 55 percent each. Shipments to Vietnam were also strong, with the value rising 41 percent, while those to India and the mainland saw increases of 35 percent and 17.6 percent respectively. Exports to the UK, however, plunged by 52 percent, while those to South Korea and the United States decreased by 25.6 percent and 18.4 percent respectively. Imports, meanwhile, also grew more than expected last month, rising by 18.9 percent year on year to HK$461.4 billion. That marked the largest growth since January last year, and was much higher than the 13 percent rise expected by markets. The latest figures left the SAR with a trade deficit of about HK$27.3 billion, or about 5.9 percent of the value of imports. Commenting on the data, a government spokesperson said the latest export figures have shown resilience, although shipments to the European Union turned to moderate growth. "Looking ahead, the sustained steady growth in the mainland economy and Hong Kong's enhanced economic and trade ties with different markets should render support to trade performance," the spokesperson said, adding that the government will stay vigilant to increased geopolitical tensions and uncertain trade policies.
RTHK
26-06-2025
- Business
- RTHK
Exports post larger-than-expected increase
Exports post larger-than-expected increase Hong Kong's foreign trade increased more than expected in May, with the growth pace for imports marking the fastest in nearly one and a half years. Photo: RTHK Hong Kong's foreign trade expanded more than expected last month despite the imposition of unilateral tariffs by Washington, with increasing shipments to Asia offsetting a drop in exports to the United States and European Union. Figures released by the Census and Statistics Department on Thursday showed the value of exports grew by 15.5 percent year on year to HK$434.1 billion. That compared with a 14.7 percent increase in April, and was higher than market expectations of a 12.5 percent rise. The value of shipments to Asia continued to rise, up by 21.8 percent year on year, with the standouts being to Japan, which almost doubled, and Malaysia and Taiwan, which jumped about 55 percent each. Shipments to Vietnam were also strong, with the value rising 41 percent, while those to India and the mainland saw increases of 35 percent and 17.6 percent respectively. Exports to the UK, however, plunged by 52 percent, while those to South Korea and the United States decreased by 25.6 percent and 18.4 percent respectively. Imports, meanwhile, also grew more than expected last month, rising by 18.9 percent year on year to HK$461.4 billion. That marked the largest growth since January last year, and was much higher than the 13 percent rise expected by markets. The latest figures left the SAR with a trade deficit of about HK$27.3 billion, or about 5.9 percent of the value of imports. Commenting on the data, a government spokesperson said the latest export figures have shown resilience, although shipments to the European Union turned to moderate growth. "Looking ahead, the sustained steady growth in the mainland economy and Hong Kong's enhanced economic and trade ties with different markets should render support to trade performance," the spokesperson said, adding that the government will stay vigilant to increased geopolitical tensions and uncertain trade policies.
