Hong Kong’s loss from the US-China trade war is Vietnam’s gain, judging by container shipping volumes. The number of containers shipped in the first half of this year dropped 8.1% to 9.06 million in Hong Kong, below Vietnam’s 9.1 million. And the trend is accelerating, as June saw a 11.3% drop.
Hong Kong’s decline is part of a longer-term trend, of course. Its port was once world No. 1, but has been slipping since 2004, and now ranks 7thwith less than half of Shanghai’s shipping volumes. The Hong Kong Shippers’ Council predicts volumes will drop by 8% to 10% this year.
Much of this is relocation of production facilities to Southeast Asia, where Vietnam stands out for low costs. According to data from A.T. Kearney, the US is expected to import US$64.8 billion of goods from Vietnam this year, up 36%.
Read more in Chinese.