HK jewellery exports uptrend continues
Growth in Hong Kong’s jewellery exports has persisted over the past few months, bucking an overall downward trend in exports amid continued macroeconomic uncertainties.
Latest data from the city’s Census and Statistics Department showed shipments of jewellery, goldsmiths’ and silversmiths’ wares rose 3 per cent year on year to HK$98.7 billion (approximately US$12.6 billion) from January to May this year while a 12.5 per cent increase was recorded in May alone.
Hong Kong’s total exports dropped further by 15.6 per cent to HK$327.6 billion (approximately US$41.8 billion) in May compared to the same period last year.
For the first five months of 2023, exports to all major markets dipped year on year by varying levels, particularly to Japan, Singapore, China, Taiwan and India. Meanwhile, a 10.4 per cent increase in exports to the United Arab Emirates was recorded.
The Hong Kong government said continued weakness in advanced economies could pose further challenges to the city’s exports industry. It is however counting on a swift recovery in China’s economy to offset this.