HK Exports Snap 16-month Rising Streak

Hong Kong exports have shrunk for the first time since October 2020, as the fifth Covid outbreak disrupted cargo flows between the mainland and Hong Kong, and external demand eased.

New government figures showed that the value of total exports of goods fell 8.9 percent year-on-year in March.

Imports also slipped – down six percent from a year ago.

The government said a higher base of comparison also contributed to the declines.

Exports to the mainland dropped nearly 13 percent, while exports to the UK plunged 40 percent.

Officials warned that global inflation, monetary policy tightening by major central banks, and geopolitical tensions will continue to pose challenges to Hong Kong's export performance.

But they also said the stabilised local epidemic situation should relieve some of the cross-border transportation disruptions and provide support to local exports and imports.