(Peggy Sito – South China Morning Post)
Kerry Logistics Network, a Hong Kong-listed firm owned by Robert Kuok, Malaysia’s wealthiest man, has become a beneficiary of the ongoing trade war between the world’s two largest economies, as customers shift part of their production lines from mainland China to such destinations as northern Malaysia’s Penang to skirt US tariffs.
“Our clients have been shifting part of their production lines as early as March from China to other Asian countries where they already have manufacturing plants,” said the logistics company’s managing director, William Ma Wing-kai.
The Sino-US trade war has been forcing Kerry’s clients to shift their production towards the members of the Association of Southeast Asian Nations (Asean), or to ship finished goods to the Americas to avoid the increased tariffs. Either way would increase shipping volumes, Ma said. Click here to read more.
- Trade War Casualties: Factories Shifting Out Of China (Forbes)
- More Chinese Companies to Relocate Here in the Face of Trade War (Sin Chew Daily)
- Chinese Steel Manufacturers Flock to Vietnam to Avoid U.S. Trade War (Vietnam Net)
- Beijing to Shut 1,000 Manufacturing Firms by 2020: Paper (Reuters)
- Trade Row Offers Opportunity for Guangdong As it Speeds Up Restructuring to Cope With the Impact (Global Times)