Market at a Glance

* Most recent available data
Source: Economist Intelligence Unit (EIU), World Trade Organization (WTO)

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Mexico Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Mexico decreased by 24.6% from HK$36.44 billion in 2019 to HK$24.47 billion in 2020. The top three export categories to Mexico were: (1) electrical machinery, apparatus & appliances, and electrical parts thereof (-2.5%), (2) office machines and automatic data processing machines (-14.7%), and (3) telecommunications and sound recording and reproducing apparatus and equipment (-48.0%), which represented 82.0% of total exports to Mexico.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Mexican buyers. The Corporation’s underwriting experience on Mexico has been acceptable, with two payment difficulty cases and one claim payment case recorded during the past 12 months (from March 2020 to February 2021).

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Last update: 22 March 2021

Source: Economist Intelligence Unit

Political Highlights

Economic Trend

*Estimate ^Forecast
Source: International Monetary Fund (IMF)

Hong Kong – Brazil Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Brazil increased by 19.1% from HK$14.63 billion in 2019 to HK$17.43 billion in 2020. The top three export categories to Brazil were: (1) electrical machinery, apparatus and appliances and electrical parts thereof (+14.8%), (2) telecommunications and sound recording and reproducing apparatus and equipment (+16.6%), and (3) office machines and automatic data processing machines (+48.5%), which represented 84.4% of total exports to Brazil.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Brazil buyers. The Corporation’s underwriting experience on Brazil has been acceptable, with two payment difficulty cases and four claim payment cases reported in the past 12 months (February 2020 to January 2021).

Please click here to download the charts (PDF format).

Last update: 12 March 2021     

Source: Economist Intelligence Unit (EIU)

Political Highlights

Colombia is a presidential republic. The President heads the cabinet and is elected for a four-year term. Colombia's domestic security has improved substantially over the past decade. Peace talks between the previous government and Colombia's largest rebel group Revolutionary Armed Forces of Colombia (FARC) started since 2012. The previous government signed a revised peace agreement with FARC in November 2016 which brought an end to a 52-year civil war. The legislature is a bicameral congress with 102 members in Senate and 166 members in Chamber of Representatives. Current President, Ivan Duque of the centre-right Centro Democrático (CD), took office in August 2018. The administration is facing difficulties in passing the policy agenda in Congress, as Partido Liberal (PL), Cambio Radical (CR) and Partido de la U formed an alliance in Congress. The new alliance hold over 40% of seats in the Senate, leaving the government in minority position. The next legislative and presidential elections is due to be held in May 2022.

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Economic Trend

^Estimate *Forecast 
Source: Economist Intelligence Unit (EIU)

Colombia is the fourth-largest economy in Latin America. The country has potential for sustained moderate growth given its wealth of natural resources like gold and coal. Though remain high, the poverty rate declined from 45.0% in 2017 to 27.0% in 2018. Better security conditions have attracted new foreign investment and boosted business confidence in recent years. The economy grew by 2.6% in 2018 supported by stable commodity prices. However, the presence of criminal groups in former FARC-held territories, renewed violence in rural areas, and high levels of crime will continue to affect business. In May 2019, Moody's affirmed Colombia's long-term local and foreign-currency issuer ratings at Baa2 and changed the rating outlook to stable from negative. The stable outlook reflects Moody's view that downside and upside risks are broadly balanced now that medium-term growth prospects and commitment to fiscal consolidation will prevent an erosion in the country's fiscal strength.

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Hong Kong – Colombia Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Colombia increased by 66.3% from HK$ 3.7 billion in 2017 to HK$6.1 billion in 2018. The top three export categories to Colombia were: (1) telecommunications and sound recording and reproducing apparatus and equipment (+57.0%), (2) power generating machinery and equipment (+558.2%), and (3) office machines and automatic data processing machines (+59.0%), which represented 88.4% of total exports to Colombia.

Source: Census and Statistics Department of Hong Kong

ECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Colombia buyers. For 2018, the number and amount of credit limit applications on Colombia increased by 35.8% and 43.1% respectively, and insured business increased by 65.9%. Major insured products were furniture, plastic articles and toys, which represented 46.2% of HKECIC’s insured business on Colombia. The Corporation’s underwriting experience on Colombia has been satisfactory, with 1 claim payment case recorded in the past 12 months (September 2018 to August 2019).

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Last update: 25 September 2019

Source: Economist Intelligence Unit (EIU)

Political Highlights

Argentina is a federal republic. The President is the Head of State, the Head of Government and the Commander-in-Chief of the armed forces. Current president, Mauricio Macri won the Argentina presidential election in 2015, the first time in more than a decade for Argentina's centre-right opposition and ended the 12-year rule of the Peronist Party. The administration under Macri has moved swiftly from populist and interventionist economic policies to market oriented policies. However, the economy shrank in 2018 as there was a drought hit on the country’s highly dependent agricultural commodities. In August 2019, a primary election has been held, Presidential candidate Alberto Fernandez, who backed by the leftist populist faction of Peronism won in a landslide victory with 47% of the vote. Argentine President Mauricio Macri, only received just 33% of the vote. The primary result suggested Alberto Fernandez could have enough support to win in the first round of president election on 27 October 2019 and avoid a run-off in November.

Economic Trend

^ Estimate * Forecast
Source: Economist Intelligence Unit (EIU)

Argentina is rich in resources in agriculture and energy. It has an export-oriented agricultural sector, as well as a diversified industrial base led by food processing, motor vehicles, textiles, and chemicals. However, due to years of economic problems, Argentina struggled with slow growth and macroeconomic imbalances. In 2018, the economy encountered contraction as a result of drought conditions that produced damage to the key soya and maize crops. Macri’s defeat in the primary election in August 2019 shooked the financial markets and sent the peso tumbling, losing approx. 22% of its value against the dollar year to date. The market viewed the victory of Fernandez would be the return of interventionist economic policies. The government subsequently accounced to launch a reprofiling of short-term domestic debt and to institute partial capital controls, to help to contain the peso slide and to slow the rundown of reserves. The IMF is currently reviewing the condition of Argentina under its lending agreement for disbursing the next trench of loan in September.

In August 2018, Fitch downgraded Argentina’s sovereign debt rating from‘B’to‘CCC,’flagging an increased likelihood of a default, following a shock primary election result. Fitch warned that the winning of Mr. Fernandez would potentially put and risk an end to free-market economic reforms and an IMF-backed austerity plan.

Hong Kong – Argentina Trade

Source: Census and Statistics Department of Hong Kong

Total exports from Hong Kong to Argentina decreased by 24.6% from HK$ 5.0 billion in 2017 to HK$3.8 billion in 2018. The top three export categories to Argentina were: (1) telecommunications and sound recording and reproducing apparatus and equipment (-26.2%), (2) office machines and automatic data processing machines (-34.8%), and (3) electrical machinery, apparatus and appliances, and electrical parts thereof (-2.6%), which represented 82.8% of total exports to Argentina.

Source: Census and Statistics Department of Hong Kong

HKECIC Underwriting Experience

The Hong Kong Export Credit Insurance Corporation (HKECIC) imposes no restrictions on covering Argentina buyers. For 2018, the number and amount of credit limit applications on Argentina increased by 16.3% and decreased by 21.6% respectively, and insured business decreased by 14.4%. Major insured products were chemical products, electronics and clothings, which represented 58.8% of HKECIC’s insured business on Argentina. The Corporation’s underwriting experience on Argentina has been acceptable, with three payment difficulty cases and four small claim payment cases reported in the past 12 months (September 2018 to August 2019).

Please click here to download the charts (PDF format).

Last update: 18 September 2019