Key Findings

• For 1Q26, the Current Performance Index (46.5) and the Expectation Index (46.9) highlighted the cautious stance of the survey participants. This can be taken as reflecting both prudence on the part of exporters as they awaited the US Supreme Court’s final decision on the legitimacy of the Trump-imposed tariffs, and the traditionally subdued approach associated with the Chinese New Year period.

• Among the positive signs, the Current Trade Value Sub-Index (50.9) remained in expansionary territory, while Cost pressures showed signs of stabilising (although continuing to be considered the primary challenge by many exporters). Besides, both the Current and Expected Inventory Sub-Index rose above 60.

• Several key sectors, however, outperformed the overall index reading. Most notably, Jewellery and Clothing enjoyed sizeable rallies. Sentiment, however, softened among Electronics exporters.