Core Viewpoint - Hong Kong's port cargo throughput in Q2 2025 experienced a year-on-year decline of 7.5%, totaling 42.4 million tons, indicating a downward trend in port activities [1] Group 1: Port Cargo Throughput - In Q2 2025, the total port cargo throughput was 42.4 million tons, with inbound and outbound cargo decreasing by 11.7% and 0.4% respectively, amounting to 25.3 million tons and 17.1 million tons [1] - For the first half of 2025, the total port cargo throughput decreased by 5.7% year-on-year, reaching 83.5 million tons, with inbound cargo down by 11.3% to 49.8 million tons, while outbound cargo increased by 3.8% to 33.8 million tons [1] Group 2: Major Trading Partners - Among the major loading countries/regions for inbound cargo, Singapore saw a significant increase of 31.8%, while Indonesia, South Korea, Malaysia, Japan, Thailand, Vietnam, and Chile experienced declines of 39.9%, 28.5%, 26.9%, 25.5%, 24.4%, 22.8% respectively [1] - For outbound cargo, Australia recorded a notable increase of 25.9%, while the United States, Philippines, Vietnam, Thailand, and Japan saw declines of 45.1%, 28.9%, 28.6%, 19.9%, and 13.5% respectively [1] Group 3: Cargo Types - Inbound cargo with significant year-on-year changes included "metal ores and metal waste" increasing by 28.7%, while "artificial resins and plastics" decreased by 18.6%, and "stones, sand, and gravel" fell by 30.4% [2] - Outbound cargo with notable changes included "stones, sand, and gravel" increasing by 23.5%, and "metal ores and metal waste" rising by 19.9%, while "pulp and waste paper" and "artificial resins and plastics" decreased by 10.3% and 18.4% respectively [2] Group 4: Vessel Traffic - In Q2 2025, the number of inbound ocean-going vessels increased by 7.3% to 4,900 vessels, with total capacity rising by 4.5% to 74 million net tons [2] - Conversely, the number of inbound river vessels decreased by 3.6% to 20,094 vessels, although total capacity increased by 11.6% to 2.36 million net tons [2] Group 5: Container Handling - Hong Kong's port handled 3.2 million standard container units in Q2 2025, reflecting a year-on-year decline of 7.0%, with loaded and empty containers decreasing by 5.7% and 12.1% respectively, totaling 2.58 million and 630,000 standard container units [2]

Group 1 - The core issue is the impact of the U.S. imposing tariffs as high as 245% on Chinese goods, which significantly affects retail businesses reliant on Chinese supply chains [1][4][6] - Retailers are increasingly using Canadian warehouses to store goods temporarily, taking advantage of tax exemptions and the ability to reclaim tariffs if goods are exported within four years [4][6][8] - The volume of containers shipped from China to Canada has surged by 50%, as retailers find this strategy more cost-effective compared to paying high tariffs in the U.S. [6][8][11] Group 2 - The high tariffs are causing increased prices for everyday goods, which are ultimately passed on to consumers, leading to a rise in living costs for ordinary Americans [11][19][32] - Major retailers like Walmart, Target, and Home Depot are feeling the pressure and have even approached the White House to discuss tariff issues, although the outcomes remain uncertain [15][17][19] - Concerns are growing about the long-term sustainability of small and medium-sized businesses that rely on Chinese suppliers, with fears of a significant shake-up in the retail industry [15][19][29] Group 3 - The ongoing tariff situation is creating a challenging environment for retailers as they prepare for the holiday season, with uncertainty about future tariff policies [17][19][32] - The trade war is causing broader economic concerns, with warnings from hedge fund managers about potential negative impacts on the U.S. economy if tariffs are not lifted [19][20][29] - The global economic repercussions are evident, with significant declines in stock markets across Asia and concerns about the feasibility of shifting supply chains to other countries [22][25][29]