Macroeconomic woes hamper HK exports
Hong Kong’s September exports dropped 9.1 per cent, the jewellery segment included, amid supply chain disruptions and continued volatilities in global markets.
Government data revealed that exports of jewellery, goldsmiths’ and silversmiths’ wares were down 23.1 per cent year on year to HK$18.24 billion (around US$2.32 billion) during the period in review. Monthly comparison also showed jewellery shipments dipped 17.6 per cent from the HK$22.14 billion (around US$2.82 billion) recorded in August.
According to the government, the value of merchandise exports fell sharply from year-ago figures amid a “deteriorating external environment and continued disruptions to cross-boundary land transportation.”
It added that shipments to mainland China, the US and the European Union slid further while those to other major Asian markets recorded mixed performances.
“Hong Kong exports will remain under immense pressure as elevated inflation in major advanced economies and more aggressive monetary policy tightening in response continue to dampen global demand,” noted the government.