HK counts on China recovery to boost exports
Hong Kong’s export sector is poised to benefit from China’s lifting of pandemic restrictions and border reopening amid continued macroeconomic challenges.
The city’s Census and Statistics Department revealed that total exports in January 2023 were down 38 per cent from year-ago figures, which the government attributed to a slowdown in global markets. The Lunar New Year holiday taking place earlier this year compared to 2022 likewise affected export performance, it added.
Shipments of jewellery, goldsmiths’ and silversmiths’ wares meanwhile dropped 24.4 per cent year on year to HK$18.4 billion (around US$2.43 billion) in January 2023. Government data showed fluctuating jewellery export figures throughout 2022. Jewellery shipments dropped to HK$13.91 billion (about US$1.77 billion) in February, their lowest in 2022, before reaching a 2022 high of HK$25.19 billion (approximately US$3.2 billion) in October.
“While slower global economic growth will continue to pose severe challenges to Hong Kong’s export performance in the near term, the expected faster growth of mainland China’s economy and the lifting of cross-boundary restrictions between Hong Kong and mainland China should alleviate part of the pressure,” the Hong Kong government said.