Hong Kong Fastener Exports See Double-Digit Drop
Hong Kong Fastener Exports See Double-Digit Drop
Jason Sandefur
Fastener exports from Hong Kong declined 19% to 1,936 tons during 2007, with the value slipping 16% to $11.05 million, Fastener World reports. Those results followed 12% growth in exports during 2006.
Hong Kong exported 883 tons of fasteners to China during the year. The average export price reached $5.70/kg, up 3% from 2006.
But not all of Hong Kong’s fasteners were bound for China. “There is a significant increase in Hong Kong fasteners exported to new emerging markets in Southeast Asia and East Europe like Czech, Turkey, Israel, and Vietnam,” stated Siu-Wai Chan, chairman of Hong Kong Screw & Fastener Council. “Although the total export amount in these areas seems smaller, the industries cannot ignore their potential development.”
Fastener imports also declined in 2007. Hong Kong imported 39,177 tons of fasteners, down 5% from the previous year. However, the import value jumped 10% to $250 million. The average import price climbed 16% to $6.54/kg. �2008 FastenerNews.com
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