More Hong Kong traders look to offshore production, procurement
HONG KONG -- With the US continuing to impose additional tariffs of up to 25% on many imported Chinese products, more Hong Kong traders are looking to cushion the impact by actively shifting their production or procurement bases to ASEAN countries -- such as Cambodia, Indonesia, Myanmar, the Philippines and Thailand -- that benefit from the US's Generalised System of Preferences (GSP).
To brief traders on how the GSP programme fits in with supply chain strategy offshore options, the Hong Kong Trade Development Council (HKTDC) is organising a seminar for Friday August 16 at the Hong Kong Convention and Exhibition Centre (HKCEC).
Legal experts will provide practical tips to help local companies take advantage of the zero or low tariffs offered to developing countries by the US.
An executive from the Hong Kong Export Credit Insurance Corporation will also brief on special enhanced measures available to help local exporters cope with rising credit risks amid the current uncertainties.