Economic 'Tsunami' Tarnishes Hong Kong Jewelry Trade

Hong Kong's jewelry market is slumping due to slowing external demand for luxury goods in light of the global economic crisis.

Hong Kong's jewelry market is slumping due to slowing external demand for luxury goods in light of the global economic crisis. Hong Kong is the world's fourth largest jewelry exporter and is a leading center for diamond and pearl auctions. In 2008, jewelry exports totaled $4.7 million dollars, up 10% from the previous year. However, slowing demand from Hong Kong's biggest jewelry importers such as the United States and Europe, have deeply affected exports in the last couple months. Jewelry exports fell 30% in January compared to the same month last year. Hong Kong's economy is currently suffering its first recession in five years.

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Hong Kong's Stimulus Has Been Effective

In a recent visit, the IMF has reported positive changes in Hong Kong's financial system assuring that measures taken by the government have been effective and that Hong Kong's banking system remains, stable, very liquid and well capitalized.

The IMF accredited Hong Kong's financial resilience to a strong monitoring system. The government has placed significant effort on the development of its infrastructure driven stimulus allowing for a forecasted 2% economic growth for Hong Kong this year.

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Hong Kong: CNPC Unit Eyes More Mainland Gas Projects

CNPC Hong Kong Ltd has announced plans to acquire further city-gas distribution projects from China National Petroleum Corp., the country's biggest petroleum producer.

CNPC Hong Kong Ltd has announced plans to acquire further city-gas distribution projects from China National Petroleum Corp., the country's biggest petroleum producer. CNPC is already moving towards the completion of the acquisition of a 97.26% stake in Xinjiang Xinjie Co. CNPC hopes that the acquisitions will benefit the governments goal to double the use of cleaner-burning fuel by the end of 2010. Moreover, CNPC hopes that it will gain from potential increases in China's fuel prices in the future.

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Hong Kong Falls Into Recession

Hong Kong fell into recession in the third quarter as the global economic slowdown continues to impact its economy.

Hong Kong fell into recession in the third quarter as the global economic slowdown continues to impact its economy. Hong Kong's GDP fell 0.5% from the previous quarter and the full year GDP growth is now expected to be between 3-3.5%, much lower than the originally forecast of 4-5%.

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Revival may wait until after Games as stocks plunge

Hong Kong stocks plunged 2.1 percent yesterday to hit a new one-year low, as the recent wave of selling spread to Hong Kong banks and property plays.

First Shanghai Securities strategist Linus Yip Sheung-chi said The Hang Seng Index may fall below 20,000 in the short term after dropping 446.3 points to end the day at 20,484.37. "There is no buying interest in the market," said Tung Tai Securities associate director Kenny Tang Sing-hing, adding that the market may not see a revival until after the Olympics.

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Hong Kong Metals export values up 15.9%

The Census & Statistics Department of Hong Kong reported that the export value of basic metals and fabricated metal products rose by 15.9 percent and also chemicals and chemical products rose 6.4 percent in the second quarter.

According to the Census & Statistics Department of Hong Kong, the domestic export value of basic metals and fabricated metal products rose 15.9 percent and chemicals and chemical products rose 6.4 percent. However,the domestic export value of machinery, equipment, apparatus, parts and components fell 14.1 percent on a year earlier and textiles dropped 35.7 percent in this year. For consumer electrical and electronic products, the domestic export value dipped 15.5%, to $2.9 billion, while wearing apparel fell 26.7%, to $2.7 billion.

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