The recovery of global trade environment will benefit Hong Kong’s exports of jewellery and timepieces in 2017, said the Hong Kong Trade Development Council (HKTDC) in ‘Hong Kong’s Export Outlook for 2017: A Partial Promise’ released on 14 December 2016.
Regarding Hong Kong’s exports of timepieces in 2017, HKTDC said: “Hong Kong exporters are cautiously optimistic about the overall sales outlook for 2017, as a more stable external environment is likely to lend some support to overseas demand. High-tech offerings are bound to captivate many overseas consumers. Sparked by the continued popularity of health consciousness and wearable technology, smartwatches will be one of the most popular items in the marketplace. But there is still space for classic timepieces. Specifically, the demand for less expensive items, such as fashion watches, should hold up well amid the general adherence to thriftiness. Apart from going smart, manufacturers should therefore align their collections with the contemporary fashion trends and turn their watches into fashion accessories for mix and match.”
According to HKTDC, although the demand for high-end jewellery will still be capped by the ongoing consumer conservatism, the global recovery should be a positive development for jewellery exports. “For more accessible items that feature good design, quality and craftsmanship, overseas demand will be increasingly robust as consumers’ purchasing power recovers,” said HKTDC.“While they are likely to secure more orders, Hong Kong exporters will have to struggle with the fluctuating costs of precious stones and metals, especially with regard to bullion, against the background of diverse monetary policies of the world’s major central banks. These vagaries in raw-material prices will be a major uncertainty factor that could expose the jewellery sector to particular risks and challenges.”
HKTDC projects that the global economic environment in 2017 will be slightly better than in 2016, but any growth is likely to remain sluggish and patchy. According to the International Monetary Fund (IMF), the global economy is expected to quicken to 3.4 percent in 2017, after moderating to an estimated 3.1 percent in 2016.
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