Hong Kong’s Trade Recession Intensifies as Exports Fell for Three Consecutive Months

On August 25, the Hong Kong Census and Statistics Department released the data showing that Hong Kong’s merchandise exports fell for the third consecutive month in July. Meanwhile, imports declined for the first time in four months.

Hong Kong’s trade recession is worse than expected and is tending to accelerate. Its exports had decreased 8.9% in July to HK$379.6 billion, which is more drop from a 6.4 percent decrease in June. Imports declined by a notable 9.9% in July.

A Hong Kong government spokesman blamed the export drop on unfavorable factors like declining global economic momentum, heightened geopolitical tensions, and supply chain disruptions due to the CCP Virus outbreak.

Analysts point out that Hong Kong’s glory as a free port has faded since 2019, when the Chinese Communist Party (CCP) enforced its National Security Law in Hong Kong and that the city is losing a lot of talents in the financial and technology sectors. Since 2021, the Hong Kong authorities have been implementing Xi Jinping’s Zero-Covid policy and tightening control over Hong Kong people by means of mandatory quarantine, which has seriously affected Hong Kong’s economic recovery after the pandemic.

Miles Guo has repeatedly stressed that the Hong Kong Dollar will eventually disappear after being decoupled with the US Dollar. Hong Kong’s economy will be affected even harder as the U.S. accelerates its technological and financial decoupling from Beijing.

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Translator: NFSC News
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