HK jewellery exports mirror global trends
Hong Kong’s jewellery exports rose further in May, following economic recovery in major global markets, latest data from the city’s Census and Statistics Department revealed.
Exports of jewellery, goldsmiths’ and silversmiths’ wares went up 61.7 per cent in May compared to the same period last year while January to May figures showed a 37.9 per cent increase. Jewellery imports also showed promise – improving by 71 per cent (May) and 34 per cent (January to May), respectively.
Hong Kong’s overall commodity exports grew 24 per cent in May and 29.4 per cent during the first five months of 2021. The government said sustained growth in exports tracked global economic recovery, with shipments to China and many Asian markets posting visible gains, while those to the US and the EU further strengthened.
Total value of merchandise trade from January to May 2021 also surpassed record high gains in the same period in 2018 by 12.3 per cent.
“Further revival of demand from major economies should augur well for Hong Kong’s export performance in the near term. Yet, developments of the global pandemic and China-US relations, as well as heightened geopolitical tensions, still warrant attention,” noted Hong Kong.
The city recorded hefty declines in jewellery exports in May 2020 and 2019, owing to various uncertainties such as Covid-19 and political protests. Growth was recorded in May 2018 when shipments of jewellery to major markets grew by 31 per cent and by 23.1 per cent from January to May of that year.