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MNI BRIEF: HK Exports Slide In January

MNI (Beijing)

Exports from Hong Kong dropped 36.7% y/y in January, the seventh consecutive month of declines and a sharp deterioration from December’s 28.9% y/y fall, according to data released by the Census and Statistics Department on Monday.

The decline was attributed to a weaker external environment and timing of Lunar New Year. Drops were recorded across all major regions including Japan (-50.0%), Singapore (-45.2%), and mainland China (-43.7%). In terms of categories, declines were recorded in electrical machinery (-37.7%), office machines ( -52.7%), and telecommunications equipment (-32.2%).

The Hong Kong authorities are forecasting GDP growth of between 3.5% to 5.5% in 2023, after a 3.5% contraction in 2022, with exports picking up in latter part of the year as the Mainland economy recovers and interest rates in the advanced economies stabilise.
MNI Beijing Bureau |
MNI Beijing Bureau |

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