The volume of Hong Kong’s exports dropped 5 percent in March from a year ago, data from the Census and Statistics Department shows.

And imports decreased by 3.2 percent year-on-year.

From January to March 2023, the aggregate amount of goods exported fell 20.9 percent and goods imported fell 15.7 percent, compared to the corresponding period in 2022.

However, in terms of price changes during the first quarter of 2023, the prices of total goods exported rose 4.7 percent and imported 3.9 percent compared to the same period in 2022.

The largest decline in the export volume for Hong Kong in March, compared with March 2022, was in trade with mainland China, which fell by 13.6 percent.

The Chinese Manufacturers’ Association of Hong Kong said the city’s exports in March showed a year-on-year decrease of 5 percent, which was narrower than the 11.8 percent fall in the previous month. This suggested that Hong Kong’s exports were recovering as the border reopens.

With the mainland’s economy gaining momentum and driving up demand, its import and export trade performance has improved. Along with the low base effect from last year, it is expected that Hong Kong’s output merchandise trade will gradually break away from the downturn starting in the second quarter of this year, and regain single-digit year-on-year growth in the second half.

https://www.thestandard.com.hk/section-news/section/2/252353/HK-trade-figures-decline-in-March

Category: Hong Kong