Asian markets to expand till 2030?
It is not necessarily only Asians which are expecting their markets to boom. A recent study conducted by UPS emphasises that "Asian markets are becoming the global epicentre for new consumer demand."
According to these findings, trade among twelve key markets in Asia will in the medium term account for 88% of global trade today. Hong Kong will continue to be an integral part of intra-Asia trade, with mainly the high-tech segment driving trade value with the other eleven top Asian markets to more than USD 1 trillion by 2030.
Titled “Clearing the Runway for Intra-Asia Trade”, the study also found that trade amongst the "Asia-12" could more than double in value from USD 6.4 trillion in 2020 to USD 13.5 trillion by 2030.
Hong Kong has witnessed trade growth with other Asian countries of 2.2% annually over the past decade, accounting for 11% of intra-Asia trade in 2020. The high-tech segment contributed 65% to Hong Kong’s intra-Asia trade value in 2020 and will remain its key growth pillar in the coming decade.
However, the region's businesses surveyed cited lack of harmonisation of standards, shortage of labour and skills in the logistics industry, and poor engagement of micro, small & medium enterprises (MSMEs), as the top three challenges impeding regional trade. (cd)