HK Economy - Highlight
16 Jan 2017
In view of the rough seas ahead, marine insurers are diversifying their business away from the sluggish European markets and exploring new business in Asia. Together with a rising need for local experts to serve the Asian shipping community, Hong Kong insurers are well positioned to capitalise this opportunity by offering customised marine insurance products to their customers in the region.
Kennede Electronics has hopes of exploring investment opportunities in a number of areas, including Africa, in a bid to reduce its production costs, while strengthening its market coverage in Asia and Europe. Additionally, in order to advance its production and global sales, Kennede Electronics is in the process to set up a company based in Hong Kong to take advantage of the city’s professional services and trade facilities.
After a 7% drop in 2015, Hong Kong’s toys exports decreased further by 24% year-on-year in January-November 2016, with across-the-board declines observed in all major markets. In the first eleven months of 2016, exports to the US dropped 14% year-on-year, while those to the EU and Chinese mainland, the next two major markets, saw big year-on-year declines of 30% and 38% during the period.