2011 Five Region Fastener Association Conference was held successfully at Korea Federation of Small and Medium Business (Kbiz) Grand Hall, Seoul, South Korea, on Sep. 26th, 2011. Mr. Lin Zhi Ming, Executive Vice Chairman of Hong Kong Screw & Fastener Council, introduced the general situation of Hong Kong’s Fastener Industry. 

Mr. Lin Zhi Ming, Executive Vice Chairman of Hong Kong Screw & Fastener Council

In comparison with 2009, Hong Kong’s fastener export performed better in 2010. Fastener export saw a slight increase of 9% to 32,850 metric tons with export value up 31% to USD $ 370,495,000. China ranked the largest export market of Hong Kong, whose export volume and export value took up 60% and 69% respectively.

The export volume reflected that Hong Kong made its recovery gradually from financial crisis. However, the growth rate of export value far exceeded export volume, which showed the increase of cost price, appreciation of Renminbi, and the growing pressure of export price. All of these factors attributed to the growth of export value.

In 2010, Hong Kong imported 44,190 metric ton fasteners in the value of USD $ 332,099,000. The import volume dropped by 27% while the import value grew by 20%, showing import volume was in recession but import price was under upward control. The fasteners imported from mainland China took up 74% of the total volume, trailed by Taiwan (10%) and Japan (7%). It is believed that Five Region Fastener Association Conference strengthens the communication and economic transaction between five regions and achieves mutual benefit.

With the strong development of economy in Asia area especially in mainland China, internal demand will be expanded constantly and hence the demand for fasteners will keep going strong. However, the unstable external factors and the increase of Renminbi exchange rate, wires’ price and labor cost will post another risk to fastener industry, hence, industrial participants and suppliers should reach consensus, stabilize price and reduce the risk caused by price fluctuation.

Mr. Lin Zhi Ming expressed the hope that 2011 Five Region Fastener Association Conference can strengthen communication and collaboration among five regions, establish a closer cooperation relationship, probe into environment protection, boost fastener industry development and jointly create bright prospect.

Statistics of Hong Kong’s Fastener Export (2003 – 2010)

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