Hong Kong's trade volume in Jan., 2023 dropped most sharply in nearly 70 years

In Jan., 2023, Hong Kong’s foreign trade experiencedits biggest decline in 70 years (since Sep., 1953). Exports fell by 36.7% andimports by 30.2%.

Hong Kong is a bridge that connects Chinese mainlandtrade with the world, and a large number of goods from the mainland arere-exported to the world through Hong Kong. As a result, Hong Kong’s export datafall in Jan., 2023 was largely due to the decline in mainland export data.

Foreign trade situation in mainland China is also notoptimistic. Starting from Oct. to Dec., 2022, exports have declined for threeconsecutive months, achieving “three consecutive declines”. The Ministry ofCommerce expects that in 2023, the global economic and trade situation willbecome extremely severe, and the downward pressure will increase significantly.