MNI BRIEF: Hong Kong Exports Down 8.8% In February
Hong Kong's exports fell 8.8% y/y in February, a sharp improvement from the 36.7% decline in January, according to the Census and Statistics Department on Monday (C&SD).
Taking January and February together, to account for Lunar New Year changing months between 2022 and 2023, exports decreased 25.4% y/y and imports decreased 18.9% y/y. In February most major regions recorded declines in demand, particularly Japan (down 23.1%), India (lower by 18.5%), and the Mainland (down 12.7%).
Depressed growth in advanced economies is expected to dampen exports in the near term. However, the forecast recovery in the Mainland economy later in the year should help support demand, the government said. Hong Kong’s base interest rate was increased 25bp to 5.25% last week. (See MNI BRIEF: HKMA Lifts Base Rate After Fed Hike)