Hong Kong records worst monthly export performance since 1954 with plunge of 24.1 per cent in November
- Poor performance followed another drop in October, when exports contracted by 10.4 per cent compared with same month in 2021
- Economists say Hong Kong’s trade decline comes amid period of disrupted cross-border land transport and overseas countries raising interest rates to fight inflation
Hong Kong recorded an export plunge of 24.1 per cent year on year in November, the sharpest drop in almost seven decades, amid worsening demand in mainland China, the United States and the European Union.
The decline followed a drop in October, when exports contracted by 10.4 per cent compared with the same month last year, the Census and Statistics Department revealed on Thursday.
November’s contraction in exports marked the city’s worst monthly performance since May 1954, when the figure was down 24.4 per cent year on year.
Economists said the further deterioration of the city’s trade performance last month had occurred amid a period featuring disruptions to cross-border land transport and overseas countries raising interest rates to combat inflation.
The city would pin its recovery hopes on the coming quarantine-free travel with the mainland from mid-January, they said.
Beijing earlier announced that it would scrap its strict entry regime for cross-border travellers, as well as ease most of the mainland’s coronavirus restrictions from January 8.