Hong Kong’s exports plunged in January by the most in 70 years as waning global demand and the Lunar New Year break weighed on trade and Chinese demand remained weak, even after the mainland emerged from Covid Zero. Know more:
Hong Kong’s exports plunged in January by the most in 70 years as waning global demand and the Lunar New Year break weighed on trade and Chinese demand remained weak, even after the mainland emerged from Covid Zero.
“Exports to all major markets fell by varying degrees,” a government spokesman said in a release accompanying the data. An early Lunar New Year holiday may also have affected trade, he added. The export weakness was much as expected given the slowing global economy background this year although the combined data for January and February will give a clear picture as the January data is distorted by the early Lunar New Year.
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