Local businessmen worry about rising export costs due to war in Middle East
發佈日期: 2026-03-04 22:55
TVB News
The war in the Middle East is sending shockwaves through the global supply chain.
Hong Kong exporters are now bracing for a spike in shipping costs, with some rates already doubling. But some electric vehicle dealers see a potential silver lining with oil prices on the rise.
Wilfred Li has been in the skincare and hygiene business for two decades, and it has expanded to six Middle Eastern countries, such as Saudi Arabia and Kuwait. But now, those networks are under threat.
The conflict in the Middle East has disrupted sea and air routes, triggering hikes in transport costs.
Li says, "Shipping to Dubai and Saudi is getting more and more expensive. It used to cost around 1,000 US dollars for a 40-foot container -- now that's jumped by 50 or even 100 percent. Global trade has become increasingly difficult. From U.S. tariffs and the Russia-Ukraine war to the Middle East conflicts, it feels like the hits on business just keep coming."
Lawmaker Tommy Chung Ki-fung, who represents the import and export constituency, says some shipping companies have suspended orders to the Middle East, while charging additional fees at around 1,500 to 2,000 U.S. dollars.
The Middle East supplies about 30 percent of global oil. Most of the oil passes through the Strait of Hormuz. It is one the world's most important transportation routes for oil.
If the Strait of Hormuz were closed, oil prices are expected soar to in the long run.
Legislator Lothair Lam Ming-fung for the transport sector says global crude oil prices has already jumped from 65 to some 80 U.S. dollars per barrel. He does not rule out oil prices doubling, if the war drags on.
Meanwhile, some electric vehicle dealers in Hong Kong believe this volatility will bring in more business.
Eric Wong, a dealer for electric vehicles says Hongkongers are very sensitive to fuel costs because the city's gasoline prices are high.
