Hong Kong exports jump by 11% in December, but full-year figure still down by 7.8%
- Exports have now increased for three straight months after contracting 17 months in a row
- Government warns global economic slowdown amid heightened geopolitical tensions will continue to weigh on trade and the city’s economy
December’s increase took the monthly value of exports to HK$386.4 billion (US$49.41 billion) and marked the strongest monthly showing since January 2022 when they rose by 18.4 per cent, the Census and Statistics Department on Thursday said.
Exports have now increased for three straight months after contracting 17 months in a row.
“Looking ahead, factors including heightened geopolitical tensions and slowing global economic growth will continue to weigh on Hong Kong’s export performance in the near term,” a spokesman said. “The government will monitor the situation closely.”
The 7.8 per cent decline for 2023 was still slightly better than the 8.6 per cent drop recorded in 2022 when Hong Kong was in the grip of the Covid-19 pandemic.
Imports decreased by 5.7 per cent last year compared with 2022, leaving the city with a trade deficit of HK$467.6 billion, equivalent to 10.1 per cent of the value of imports of goods.