Export target raised amid AI boom: HKTDC

The Trade Development Council has substantially increased its annual forecast for export growth to between 42 percent and 47 percent, attributing the rise to robust global demand for artificial intelligence-related technologies. Previously, the council had forecasted a 20 percent growth in June. The significant surge in demand for semiconductors, memory chips, computer components, telecommunications equipment, and other advanced electronics has greatly bolstered Hong Kong's exports.

In the first eight months of the current year, exports of electronics surged by 52.8 percent, constituting about 80 percent of the city's total exports, according to the council. Director of research Bruce Pang highlighted recent developments in China-US relations as further contributing to an improved trade environment, reducing the likelihood of additional tariff escalations in the coming months.

Coupled with the sustained strength of global demand for technology products, these factors are expected to bolster Hong Kong's export performance in the upcoming months, according to Pang.