Hong Kong is affected by the economic crisis in Europe and the United States

The impact of the European debt crisis has gradually surfaced and Hong Kong’s export trade industry has entered a “winter period”. According to the statistics of the Census and Statistics Department in September, the value of Hong Kong’s total exports was 271.8 billion yuan, which was a decrease of 3% from the same period last year and was also the first time in 23 months.

The Federation of Hong Kong Industries predicts that in the next 9 to 10 months, the industry is still unlikely to recover. Coupled with multiple factors such as rising raw materials and wages, it is estimated that 30% of Hong Kong enterprises will be "eliminated or nearly eliminated" by the beginning of next year, that is, nearly 2%. Millions of businesses are facing a crisis. According to a human resources consultant, the company has recently cut 10% of local employees and 30% of mainland employees. If the phenomenon of “dragging” by European and American buyers continues, Hong Kong companies cannot cope with the “finding period” at the end of the year. A round of closure tide.

With the unsolved European debt and the weak economy of the United States, Hong Kong's export trade industry bears the brunt and export orders have been greatly affected. The vice president of the Hong Kong Federation of Industry and Industry, Mr. Liu Zhanxi, said that due to the impact of the European and American economies, Christmas orders for electronics, clothing and toys have fallen by 5% to 30% year-on-year, accompanied by packaging, airfreight and logistics. It has also been dragged down.

The global economic outlook is still unknown, and consumers’ purchasing power may be affected. The overall sales of Christmas this year may not be as expected. Demand in Europe and the United States has weakened and the outlook for exports in the coming months is not optimistic. He estimated that buyers from Europe and the United States could not fully “digest” the volume of Christmas. The number of new orders in the next quarter would also be relatively low, and the business of Hong Kong companies would continue to be affected.

As the export trade industry has entered the "winter season", Hong Kong-funded enterprises may face "shrinking" and may even have a crisis of closure.

Liu Zhanxi said that the current business environment in the Mainland is becoming more and more severe, and operating costs such as salary are rising. Frankly speaking, the next three to five years will be the “company phase-out period.” The most dangerous industries are toys, electronics, and clothing. Industry and footwear industry and other non-essential industries.

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