This report projects the 2009 performance of Hong Kong exports, which are expected to falter amid the lingering global financial problems and their spillover effect on consumer spending. Despite the multibillion-dollar rescue measures of various governments and authorities, the global economy will remain in the doldrums. The outlook for traditional markets is especially gloomy, while developing economies are not immune to the financial tsunami, either. Yet developing economies with stronger fundamentals, or those with sustainable domestic demand, will likely fare better. In this context, Hong Kong companies should diversify to selected emerging markets, and the mainland looks set to be the most promising one in view of the global downturn.