Hong Kong exporters are being told to think of new markets and products to maintain their share of traditional consumers in Europe and the U.S. while increasing their marketbase in emerging markets, reports the South China Morning Post.
Hong Kong's Trade Development Council tells exporters that the majority of Western consumers now demand for basic and discounted items, and favour classic, rather than fashionable luxury watches and jewellery.
"Hong Kong exporters cannot hope to compete with China on prices, but we have our strength in producing quality and sophisticated goods," Daniel Poon Wing-choi, the council's assistant chief economist, told the Post.
The council also advised exporters to diversify into emerging markets such as Russia, Brazil and Chile, which are expected to see retail sales growth of between 10% and 20% this year.
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