Month: May 2025

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

     Following is the speech by the Secretary for Commerce and Economic Development, Mr Algernon Yau, at the discussion session entitled “Prosperity through Sustainable Trade” at the Asia-Pacific Economic Cooperation (APEC) Ministers Responsible for Trade Meeting in Jeju, Korea, today (May 16):

     Thank you, Chair, and good morning, colleagues.

     Supply chains are the driving engines for today’s global economy, yet they are also highly sensitive and vulnerable to external shocks, as we have witnessed during COVID-19 and in recent days.

     Hong Kong, China (HKC), as an international shipping and logistics hub, has been implementing various measures to support sustainable supply chains. Our Climate Action Plan 2050 steers four major decarbonisation strategies, namely, net-zero electricity generation, energy saving and green buildings, green transport and waste reduction. Increasing the zero-carbon energy supply through renewable energy development, popularising the use of electric commercial vehicles, enhancing the current cross-border electricity transmission infrastructure and developing a green maritime fuel bunkering centre are just a few examples of our efforts on this front. Furthermore, to assist the trade in seizing the business opportunities in green logistics, we have also commenced a study on the development of green and sustainable logistics.

     In December 2024, we launched the roadmap on sustainability disclosure in HKC, as a pathway for large publicly accountable entities to fully adopt, by 2028, the International Financial Reporting Standards – Sustainability Disclosure Standards (ISSB Standards), making HKC to be amongst the first jurisdictions to align its local requirements with the ISSB Standards.

     In parallel, enabling initiatives have been rolled out to equip micro, small and medium-sized enterprises (MSMEs) with the means to manage their environmental footprint and encourage market participants to improve sustainable business practices. Funding schemes and capacity building programmes have also been put in place to encourage the adoption of digital technologies by MSMEs to facilitate the digital transformation of supply chains.

     The issue of supply chains has always been an integral part of APEC discussions since 2009 when our predecessors endorsed the APEC Supply Chain Connectivity Framework Action Plan at the APEC Ministerial Meeting. HKC believes that APEC has a continued key role in facilitating our businesses in strengthening sustainable supply chains. APEC’s role becomes even more important now than ever, when cross-border trade and investments and supply chains face uncertainty and unprecedented challenges.

     To this end, HKC appreciates Korea’s efforts in organising an informative public-private forum on this important topic last week.

     Our collective goal of strengthening sustainable supply chains should never be a trade-off between sustainability and trade, but rather a synergy between the two. HKC is committed to working with all member economies to drive progress towards shared prosperity through sustainable trade.

     Thank you.

Source: Government of Singapore

Singapore, 16 May 2025 – Inter-monsoon conditions are expected to continue in the second fortnight of May 2025, with winds mainly light and variable in direction, and blowing from the southeast or southwest on some days. 

2          In the first week of the fortnight, Sumatra squalls may bring widespread thundery showers and gusty winds between the early hours and morning on some days. Thereafter, localised short-duration thundery showers are expected over parts of the island on a few afternoons. The total rainfall for the second fortnight of May 2025 is forecast to be near average over most parts of the island.

3          The daily maximum temperatures are likely to be around 34 degrees Celsius on most days, and reach 35 degrees Celsius on a few days..

4          For updates of the daily weather forecast, please visit the MSS website (www.weather.gov.sg), NEA website (www.nea.gov.sg), or download the myENV app.

 REVIEW OF THE PAST TWO WEEKS (16 – 29 APRIL 2025)

5          Inter-monsoon conditions prevailed over Singapore and the surrounding region in the first fortnight of May 2025. The prevailing winds were generally light and variable in direction.

6          Moderate to heavy thundery showers fell over parts of Singapore on most days. On 5 May 2025, regional convergence of winds brought heavy thundery showers over many areas of Singapore in the early afternoon. The daily total rainfall of 99.4 mm recorded at Bukit Timah that day was the highest rainfall recorded for the first fortnight of May 2025.

 7          The daily maximum temperatures in the first fortnight of May 2025 were above 34 degrees Celsius on most days. The highest daily maximum temperature of 35.4 degree Celsius was recorded at Paya Lebar on 3 May 2025.

 8          Most parts of Singapore recorded above average rainfall in the first fortnight of May 2025. The rainfall around Bukit Timah was about 170 per cent above average and the rainfall around Tengah about 60 per cent below average.

CLIMATE STATION STATISTICS

Long-term Statistics for May  (Climatological reference period: 1991-2020)
Average daily maximum temperature:	32.3	°C
Average daily minimum temperature:	25.7	°C
Average monthly temperature:	28.6	°C
Average rainfall:	164.3	mm
Average number of rain days:	15
Historical Extremes for May  (Rainfall since 1869 and temperature since 1929)
Highest monthly mean daily maximum temperature:	33.6	°C (1997)
Lowest monthly mean daily minimum temperature:	23.5	°C (1974)
Highest monthly rainfall ever recorded:	386.6	mm (1892)
Lowest monthly rainfall ever recorded:	41.6	mm (1997)

 
METEOROLOGICAL SERVICE SINGAPORE
16 May 2025

~~ End ~~

For more information, please submit your enquiries electronically via the Online Feedback Form or myENV mobile application.

Source: Hong Kong Government special administrative region

     The Government released today (May 16) the First Quarter Economic Report 2025, together with the revised figures on Gross Domestic Product (GDP) for the first quarter of 2025.
 
     The Acting Government Economist, Dr Cecilia Lam, gave an account of the economic performance in the first quarter of 2025 and the latest GDP and price forecasts for 2025.
 
Main points
 
＊ The Hong Kong economy expanded solidly in the first quarter of 2025, mainly supported by visible increases in exports of goods and services, as well as the resumption of moderate growth in overall investment expenditure. Yet, private consumption expenditure continued to register a modest decline. Real GDP expanded by 3.1% year-on-year in the first quarter, picking up from the 2.5% growth in the preceding quarter. On a seasonally adjusted quarter-to-quarter basis, real GDP grew visibly by 1.9%.

＊ The global economy maintained steady growth in the first quarter. With broadly sustained external demand, as well as some front-loading of shipments in anticipation of tariff hikes by the United States in early April, Hong Kong’s total exports of goods saw visibly accelerated growth, up 8.4% year-on-year in real terms. Meanwhile, thanks to the further increase in visitor arrivals, growth in cross boundary traffic, and notable increase in cross-boundary financial and fund raising activities, total exports of services continued to expand visibly in the first quarter, by 6.6% year-on-year in real terms.

＊ Domestically, overall investment expenditure resumed moderate growth, rising by 2.8% year-on-year in real terms, underpinned by a visible increase in expenditure on acquisitions of machinery, equipment, and intellectual property products, as well as a sharp rise in costs of ownership transfer due to a markedly higher number of property transactions compared to the same period last year. Yet, private consumption expenditure continued to register a small decline of 1.1%, reflecting the lingering impact of changes in residents’ consumption patterns. 

＊ The labour market remained tight in the first quarter. The seasonally adjusted unemployment rate stayed low at 3.2%, slightly higher than the 3.1% in the preceding quarter. The underemployment rate remained at a low level of 1.1%. Employment earnings continued to record solid growth.

＊ The local stock market once rallied in the first quarter, driven by the Mainland’s breakthrough development in artificial intelligence (AI) and the Central Government’s measures to stimulate the domestic economy as unveiled at the “two sessions”. However, the market cooled down towards the end of the quarter amid concerns over the United States’ trade policy outlook. The residential property prices remained soft. 

＊ Consumer price inflation stayed modest in the first quarter. The underlying Composite Consumer Price Index (Composite CPI) increased by 1.2% over a year earlier, same as the increase in the preceding quarter. Price pressures on various major components stayed largely contained. Including the effects of the Government’s one-off relief measures, the headline Composite CPI increased by 1.6% over a year earlier, higher than the 1.4% increase in the preceding quarter. 

＊ As international trade tensions have eased somewhat of late, the headwinds and uncertainties in the external environment have lessened to some extent. This may relieve part of the downward pressure on the global economic outlook. Moreover, the sustained steady growth of the Mainland economy amid more proactive fiscal policies and the moderately accommodative monetary policies should bode well for the performance of merchandise exports in Asia including Hong Kong. Sustained international trade flows, coupled with improving inbound tourism, are also expected to benefit Hong Kong’s exports of services. However, uncertainties in the trade policies of the United States persist, and its monetary policy trajectory going forward is still complicated. These may affect global financial conditions and investment sentiment. Apart from this, the change in consumption patterns of residents and visitors would still pose constraints on driving consumption in the domestic market, though sustained increase in employment earnings and the SAR Government’s various policies to promote mega events and tourism would help boost consumption sentiment.

＊ Taking into account the actual outturn in the first quarter and the latest developments of the global and local situation, the real GDP growth forecast for 2025 as a whole is maintained at 2%-3%, the same as that announced in the Budget. The Government will continue to closely monitor the situation.

＊ On the inflation outlook, overall inflation should remain modest in the near term as pressures from domestic costs and external prices should stay broadly in check. Considering that the inflation situation in the first quarter was broadly in line with earlier expectations, the forecasts for the underlying and headline consumer price inflation rates for 2025 are maintained at 1.5% and 1.8% respectively, the same as those announced in the Budget.
 
Details
 
GDP
 
     According to the revised figures released today by the Census and Statistics Department, real GDP grew by 3.1% year-on-year in the first quarter of 2025 (same as the advance estimate), having increased by 2.5% in the preceding quarter. On a seasonally adjusted quarter-to-quarter comparison, real GDP rose by 1.9% in the first quarter (revised from the advance estimate of 2.0%), after a 0.9% increase in the preceding quarter (Chart).
 
     The latest figures on GDP and its major expenditure components up to the first quarter of 2025 are presented in Table 1. Developments in different segments of the economy in the first quarter are described below.
 
External trade
 
     Supported by broadly sustained external demand as well as some front loading of shipments in anticipation of tariff hikes by the United States in early April, total exports of goods posted accelerated year-on-year growth of 8.4% in real terms in the first quarter, following a 1.3% increase in the preceding quarter. Analysed by major market and by reference to external merchandise trade statistics, exports to the Mainland grew strongly in the first quarter over a year earlier. Exports to the United States rose back, while those to the European Union fell further. Exports to ASEAN markets soared, while those to high-income Asian economies showed mixed performance. On a seasonally adjusted quarter-to-quarter basis, total exports of goods increased notably by 10.2% in real terms in the first quarter.
 
     Exports of services continued to expand visibly by 6.6% in real terms in the first quarter over a year earlier, after growing by 6.5% in the preceding quarter. Exports of all major service groups rose further. Specifically, exports of travel and transport services continued to expand, supported by the further increase in visitor arrivals and growth in cross-boundary traffic. Exports of financial services rose sharply, thanks to the notable increase in cross-boundary financial and fund raising activities. On a seasonally adjusted quarter-to-quarter basis, exports of services were virtually unchanged in real terms in the first quarter.
 
Domestic sector
 
     Private consumption continued to be subject to the lingering impact of changes in residents’ consumption patterns in the first quarter. Private consumption expenditure declined modestly by 1.1% in real terms from a year ago, after a marginal decline of 0.2% in the preceding quarter. On a seasonally adjusted quarter to quarter basis, private consumption expenditure decreased by 1.6% in real terms. Meanwhile, government consumption expenditure increased by 1.2% in real terms in the first quarter over a year earlier, after rising by 2.1% in the preceding quarter. On a seasonally adjusted quarter to quarter basis, government consumption expenditure increased by 0.5% in real terms.
 
     Overall investment expenditure in terms of gross domestic fixed capital formation resumed moderate growth in the first quarter, rising by 2.8% year-on-year in real terms, after a modest decline of 0.7% in the preceding quarter. Within the total, expenditure on machinery, equipment, and intellectual property products increased visibly. The costs of ownership transfer rose sharply due to a markedly higher number of property transactions compared to the same period last year. Yet, expenditure on building and construction declined moderately.
 
The labour sector
 
     The labour market remained tight in the first quarter of 2025. The seasonally adjusted unemployment rate stayed low at 3.2%, slightly higher than the 3.1% in the preceding quarter. The underemployment rate remained at a low level of 1.1%. The median monthly employment earnings of full-time employees in nominal terms increased by 6.4% year-on-year in the first quarter.
 
The asset markets
 
     After staying largely range-bound in January 2025, the local stock market rallied after the Chinese New Year holidays through mid-March, as market sentiment was fuelled by the Mainland’s breakthrough development in AI and the Central Government’s measures to stimulate the domestic economy as unveiled at the “two sessions”. However, the market cooled down towards the end of the quarter amid concerns over the United States’ trade policy outlook. The Hang Seng Index (HSI) hit a three-year high of 24 771 on March 19, before retreating somewhat to close the first quarter at 23 120, up 15.3% from end-2024. In early April, trade tensions escalated abruptly due to the significant increase in import tariffs by the United States, and the global financial markets were volatile at that time. The HSI also fell in tandem, but it has recently resumed its uptrend.
 
     The residential property prices remained soft in the first quarter. Market sentiment turned more cautious towards the end of March amid growing external uncertainties from the United States’ trading and monetary policies. Overall flat prices fell by 2% in the first quarter. The index of home purchase affordability improved slightly further to around 59% in the first quarter alongside easing flat prices during the quarter, but remained above the long-term average of 56% over 2005 2024. The number of transactions, in terms of the total number of sale and purchase agreements for residential property received by the Land Registry, retreated by 19% from the preceding quarter to 12 193 in the first quarter, but was 24% higher than the level a year ago. On the other hand, overall flat rentals continued to show resilience, edging up by 0.4% during the first quarter. As to the non-residential property market, it remained generally weak in the first quarter, with trading activities across major market segments showing mixed performance, as well as prices and rentals declining further.
 
Prices
 
     Consumer price inflation stayed modest in the first quarter of 2025. The underlying Composite CPI increased by 1.2% over a year earlier in the first quarter, same as the increase in the preceding quarter. Within this, food prices as a whole increased mildly. Private housing rentals saw a slightly accelerated increase. Price pressures on other major components stayed largely contained. Including the effects of the Government’s one-off relief measures, the headline Composite CPI increased by 1.6% over a year earlier, higher than the 1.4% increase in the preceding quarter. The headline inflation rate was higher than its underlying counterpart in the first quarter, as the electricity charges subsidy provided by the Government was smaller compared with the same period last year.
 
Latest GDP and price forecasts for 2025
 
     As international trade tensions have eased somewhat of late, the headwinds and uncertainties in the external environment have lessened to some extent. This may relieve part of the downward pressure on the global economic outlook. Moreover, the sustained steady growth of the Mainland economy amid more proactive fiscal policies and the moderately accommodative monetary policies should bode well for the performance of merchandise exports in Asia including Hong Kong. Sustained international trade flows, coupled with improving inbound tourism, are also expected to benefit Hong Kong’s exports of services. However, uncertainties in the trade policies of the United States persist, and its monetary policy trajectory going forward is still complicated. These may affect global financial conditions and investment sentiment. Apart from this, the change in consumption patterns of residents and visitors would still pose constraints on driving consumption in the domestic market, though sustained increase in employment earnings and the SAR Government’s various policies to promote mega events and tourism would help boost consumption sentiment.
 
     Taking into account the actual outturn in the first quarter and the latest developments of the global and local situation, the real GDP growth forecast for 2025 as a whole is maintained at 2%-3%, the same as that announced in the Budget (Table 2). The Government will continue to closely monitor the situation. For reference, the latest growth forecasts by private sector analysts range between 1.0% to 2.5%.
 
     On the inflation outlook, overall inflation should remain modest in the near term as pressures from domestic costs and external prices should stay broadly in check. Considering that the inflation situation in the first quarter was broadly in line with earlier expectations, the forecasts for the underlying and headline consumer price inflation rates for 2025 are maintained at 1.5% and 1.8% respectively, the same as those announced in the Budget (Table 2).
 
     The First Quarter Economic Report 2025 is now available for online download, free of charge at www.hkeconomy.gov.hk/en/situation/index.htm. The Report of the Gross Domestic Product by Expenditure Component, which contains the GDP figures up to the first quarter of 2025, is also available for browse and download, free of charge on the homepage of the Census and Statistics Department, www.censtatd.gov.hk.

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

Source: Hong Kong Government special administrative region

Source: Republic of China Taiwan

To continue its commitment to social welfare and support for vulnerable communities, Taiwan Sugar Corporation (Taisugar) held its “Fuel Up with Love: Donate Points for Charity” campaign again this year, following the overwhelming response to last year’s initiative. Launched on March 1, the campaign received enthusiastic support from kind-hearted citizens, accumulating over 119.62 million loyalty points in just 1.5 months, setting a new record. Taisugar has converted the donated points into approximately NT$1.2 million worth of supplies, all of which have been donated to charitable causes. A presentation ceremony was held today (May 8) at Taisugar Chongde Gas Station in Tainan City, where Taisugar Vice President Chien-Chan Tseng presided over the donation ceremony. The event transformed the goodwill of every fuel-up and every point donated into tangible assistance, benefiting 11 charitable organizations and spreading warmth and hope to those in need.

Vice President Tseng noted that since the debut of the donation campaign in November 2024, the initiative has received widespread acclaim. To keep the spirit of giving alive and inspire more public participation, Taisugar brought the campaign back this year with even greater success. This time, the campaign attracted over 250,000 participants, achieving a historic milestone of over 100 million points donated, demonstrating the compassion and generosity of Taiwanese society. In addition, Taisugar gas stations boosted the campaign by matching an extra 10 points for every liter of fuel purchased, amplifying the collective goodwill and encouraging more people to engage in small acts of kindness that make a significant impact for disadvantaged communities.

The accumulated points have been redeemed for supplies, which have been donated to 11 organizations, including Huashan Social Welfare Foundation, Genesis Social Welfare Foundation, Taiwan Fund for Children and Families, Eden Social Welfare Foundation, NT Angel Foundation, Little Lamb Foundation, Erlin Happy Christian Home, Tobias Social Welfare Foundation, Garden of Hope Foundation, Good Shepherd Social Welfare Foundation, and the Taipei Sports Association for the Physically Disabled. During the campaign, customers who fueled 25 liters or more and donated their points also received a Taisugar Glucosamine Plus as a token of appreciation.

This initiative allowed the public to effortlessly contribute to charitable causes through their everyday fuel purchases, seamlessly integrating giving into daily life and empowering citizens to make a difference. Taisugar affirmed its commitment to further strengthening its charity platform, launching more meaningful, community-driven initiatives, and joining hands with the public to foster a cycle of kindness that brings continuous hope and positive change to society.

TSC News Contact Person:
Lin Hsin-Chih
Petroleum Business Devision, TSC
Contact Number: 886-6-632-8703 #802 / 886-939-919-530
Email:a62462@taisugar.com.tw

Tai Chih-Mou
Petroleum Business Devision, TSC
Contact Number: 886-6-632-8703 #101 / 886-988-721-867
Email:a63425@taisugar.com.tw

Petroleum Business Devision Customer Services Phone: 886-6-632-8703 #786 or 788

Source: Hong Kong Government special administrative region

The Centre for Food Safety (CFS) of the Food and Environmental Hygiene Department today (May 16) announced that the test results of 47 rice dumpling samples collected under a recently completed seasonal food surveillance project on rice dumplings (first phase) were all satisfactory.

     Rice dumplings are a popular festive food for the Tuen Ng Festival. The project aims to provide information on safe consumption of rice dumplings to consumers and the trade in a timely manner.

     “The CFS collected samples of rice dumplings from different retail outlets (including online retailers) and food premises (including restaurants and food factories) for chemical and microbiological analyses. The chemical analyses included tests for colouring matters, preservatives, metallic contamination and pesticide residues. The microbiological analyses covered coagulase-positive staphylococci organisms and Bacillus cereus,” a spokesman for the CFS said.

     The spokesman reminded members of the public to observe the following food safety tips in purchasing, preparing, storing and consuming rice dumplings:

Buying rice dumplings
————————-
* Buy rice dumplings from reliable outlets;
* When purchasing non-prepackaged rice dumplings, choose those that are securely wrapped in wrapping leaves; and
* When purchasing prepackaged rice dumplings, check the expiry date and whether the packaging is intact.

Home-made rice dumplings
——————————-
* Buy wrapping leaves from reliable suppliers and avoid leaves that are unnaturally bright green or with chemical odours;
* Wash hands and utensils thoroughly before and after handling food; and
* Handle raw and cooked food separately to avoid cross-contamination.

Storing and preparing rice dumplings
——————————————
* Consume rice dumplings as soon as possible and avoid prolonged storage;
* Both the glutinous rice and stuffing should be well covered until the rice dumplings are unwrapped. Do not come into direct contact with the strings upon cooking to prevent contamination at all times;
* Store rice dumplings at 4 degrees Celsius or below, or store them properly according to the instructions on the package if they are not consumed or cooked immediately;
* Keep cooked rice dumplings that are not consumed immediately in a covered container and put them in the upper compartment of the refrigerator. Keep raw food in the lower compartment to prevent cross-contamination;
* Reheat rice dumplings thoroughly until the core temperature reaches 75 degrees C or above before consumption;
* Do not reheat rice dumplings more than once; and
* Consume reheated rice dumplings as soon as possible.

Consuming rice dumplings
——————————
* Wash hands with running water and liquid soap, and rub for at least 20 seconds before consumption; and
* Reduce seasonings such as soy sauce or granulated sugar during consumption.

     The spokesman said, “Rice dumplings in general are relatively high in energy, fat and salt. During the festival, people should maintain a balanced diet and consume rice dumplings moderately, with due consideration of their health condition. People are recommended to share rice dumplings with their family members and friends, as this not only enhances the festive atmosphere, but also allows them to taste rice dumplings of different flavours and avoid over-consumption. People are also advised to make use of nutrition labels on prepackaged food to compare their nutritional contents for healthier food choices.”

     The spokesman also reminded the food trade to purchase food ingredients from reliable suppliers and maintain proper records to facilitate source tracing when necessary. They should follow Good Manufacturing Practice in the preparation of food products and comply with legal requirements when using food additives. The spokesman advised the food trade to adopt the Hazard Analysis Critical Control Point System to identify, assess and control possible hazards in the food production process.

     The CFS will continue to conduct surveillance on rice dumplings in the second phase, the results of which will be released in due course to ensure food safety.