Hong Kong - Logistics and supply chain company Kerry Logistics’ first half profits grew by 22% compared with the same time last year. The Hong Kong-based company’s rise in profits comes despite fears of a trade war and global demand remaining flat.
“Although the world economy experienced growth in the first six months of 2018, global demand has been flat.”, admits William Ma, group managing director of Kerry Logistics. “Nevertheless, the China-US trade dispute has caused manufacturing capacities to shift from Mainland China to other Asian countries, bringing about an increase in shipping volume and production activities in Asia.”
Speaking about the results, George Yeo, Chairman of Kerry Logistics, said: “While t he trade volume between the two economies is expected to reduce in the near future, certain markets in Asia are likely to benefit conversely from the increased intra-Asia trade as customers look for alternative supply sources beyond Mainland China and the US.”