The Hong Kong Trade Development Council (HKTDC) said on Tuesday that it predicts the exports of Hong Kong to decline 10 percent in the current year of 2020, which is a revision of the 2 percent drop predicted earlier, due to the uncertainties over the economic fallout resulting from the coronavirus outbreak coupled with the trade protectionism threat.
Nicholas Kwan, HKTDC Director of Research, said during a press conference that "the revision takes into account the latest HKTDC Export Index survey, which indicated that 82 percent of the 500 exporters surveyed forecast their total sales will drop 10 percent or more year-on-year".
The official added that the decline in the international demand along with the coronavirus outbreak are some of the most serious threats to the exports of Hong Kong for this year.
Louis Chan, HKTDC Assistant Principal Economist (Global Research) , was quoted saying that "the unprecedented and overwhelming nature of the COVID-19 outbreak can be a timely game changer to taper the disconnect between words and actions in challenging the status quo, and encourage a new phase of creativity and sustainability, while preparing the global economy for a more resilient and robust post-COVID-19 future".