Cargo Business Newswire

Friday, April 4, 2014

HSBC: High-tech exports to grow at faster pace than other trade

High-tech exports will grow faster than other goods over the next 15 years, as China moves away from its role as a low cost manufacturing center and into making local products, according to research from banking giant HSBC.

By 2030, high-tech goods will comprise more than 25 percent of trade, compared to 22 percent in 2013, says HSBC in its most recent global trade report.

The report asserts that the worth of global goods trade will go up 8 percent annually from 2014 through 2030, while high tech goods will surge 9 percent a year over the same period.

The globalization of supply chains will drive the rise in high tech goods trade, HSBC says. Parts for technology products will be shipped back and forth across national borders, with Asian companies grabbing market share from Western firms.

By 2030, the report said, China will remain the high-tech giant, accounting for more than half the high-tech trade. Hong Kong will rank second, and the United States will rank third, as they do today, but both countries will have a lower market share. HSBC also predicts that Korea will displace Singapore as the fourth-largest high-tech goods exporter.

For more of the Reuters story: reuters.com