One area of concern is Hong Kong's fashion and textile industry where exports slumped 12.9 percent worldwide to HK$65.8 billion during the first five months of the year.
Shipments to the United States fell 14.4 percent to HK$21.7 billion, according to TDC figures.
Exports to the European Union slid 9.6 percent to HK$24.7 billion - shipments to Spain recording the biggest drop in the trade zone, 20 percent to HK$1.2 billion.
"Hong Kong still depends on the mature [Western] markets with 60 percent of exports going to them, but they are having their own difficulties. Consumers are not confident, they are not spending," TDC assistant executive director Raymond Yip Chak-yan said.
Speaking at the launch of Spring Summer Fashion Week at the Hong Kong Convention and Exhibition Centre yesterday, Yip went on. "Fortunately we are also diversifying into emerging markets and are seeing good growth in markets such as Brazil, Eastern Europe and the Middle East." He said exports to Poland jumped 22.5 percent to HK$227 million, while Saudi Arabia was up by 13.2 percent since January to HK$242 million. The council is also subsidizing airfares and accommodation for 3,300 Buyer Sponsorship Scheme visitors, 80 percent of whom are from emerging markets.
Yip said Hong Kong is poised to take advantage of the mainland's encouragement of domestic consumption and imports, while lawmaker Vincent Fang Kang said benefits will come from the central government's stimulus package and tax-free exports through the Closer Economic Partnership Arrangement.
