HK exports weaken on market disruptions
Ongoing uncertainties continue to impact Hong Kong’s exports industry, but government said hope is on the horizon with the lifting of travel restrictions in China.
Latest government data showed Hong Kong exports dipped 25.4 per cent year on year in the first two months of 2023 while February figures were down 8.8 per cent.
Shipments of jewellery, goldsmiths’ and silversmiths’ wares meanwhile declined by 14.1 per cent to HK$32.88 billion (around US$4.18 billion) from January to February this year but recovered slightly in February, rising by 4.1 per cent to HK$14.48 billion (approximately US$1.84 billion).
The city's Census and Statistics Department also revealed that January-February jewellery imports rose 2.5 per cent to HK$45.75 billion (around US$5.82 billion) while February figures were up 23.5 per cent to HK$23.61 billion (about US$3.01 billion).
The Hong Kong government attributed the decline in exports to “weak external environment,” adding that “exports to all major markets fell by varying degrees.”
While slower growth in major economies could continue to weigh on Hong Kong’s export performance, the city is counting on China’s sustained economic recovery, coupled with the lifting of travel restrictions between Hong Kong and the mainland, to mitigate further market risks.