A renewed downturn in the global economy, alongside the attendant sluggishness in overseas demand, will certainly depress the expansion of Hong Kong exports. Our forecast is for Hong Kong’s total exports to increase by 1% in value but fall by 3% in volume. While re-exports, which account for the bulk of Hong Kong’s exports, are also expected to grow by 1% in value yet drop by 3% in volume, domestic exports are likely to contract by 15% in nominal terms and 19% in real terms. More