Hong Kong’s Exports Plummet in November to a 70-Year Low

Hong Kong’s exports plunged 24.1% in November compared with the same month last year, much larger than the 16.2% drop predicted by economists. The Hong Kong Census and Statistics Department announced on December 30th that this is the biggest drop since 1954, meaning the international financial center’s road to recovery is rocky and difficult.

In particular, Hong Kong’s exports to Communist China, the United States, and other countries such as Japan, Taiwan, and Vietnam all saw double-digit declines. Shipments to Communist China were down 29.7%, much larger than the 12.9% in October. Exports to the United States plunged 26.8%.

A Hong Kong government spokesman said that the drop in exports was mainly driven by the deteriorating external environment and disruptions in cross-border land transport.

In addition, Hong Kong’s imports also fell 20.3% in November compared with the same period last year, the largest decline since 2009, exceeding economists’ forecasts of 13.8%. The trade deficit amounted to HK$27.1 billion.

The report said Hong Kong’s economy is struggling in 2022 under the pressure of epidemic blockade, weak global demand, and economic turmoil in Communist China. Its GDP is expected to decline for the 3rd time in 4 years.