Hong Kong exports rebound despite Sino-US trade war

Hong Kong’s exports and imports rebounded in the first quarter of this year after a significant year-on-year decline in the same period of last year.

The logistics hub saw its exports rise 11.9% to HK$1.06 trillion (US$135 billion) in the first three months of this year from a year ago, according to the Census and Statistics Department. Its imports surged 8% to HK$1.14 trillion for the same period.

Neither figure has yet returned to the levels of 2021 and 2022 as the city’s exports and imports fell 17.7% and 12.7%, respectively, in the first quarter of last year.

A spokesperson of the Hong Kong government said an increase in exports to mainland China contributed to the rebound in overall exports while exports to the United States and Europe remained on downward trends.

He said high geopolitical tensions in the world and tight liquidity in the financial market will continue to affect Hong Kong’s exports negatively, although external demand has improved.

Michael Li, vice-president of the Hong Kong Chinese Importers’ & Exporters’ Association, said the negative factors seen in the first half of 2023, including the Ukrainian-Russian war, the US-China political fight and the US rate hike, are fading out.

He said Hong Kong’s exports have gotten back on the right track during the first quarter of this year and probably will grow by 8-to-12% for the whole year from 2023, unless some new negative factors emerge.

He said the West’s plan to push forward the so-called de-Sinization in the global supply chain is unsuccessful. He said many foreign buyers have shown up in this year’s Canton Fair, an annual trade exhibition in Guangzhou.

Chinese media said there were more foreign buyers at the Canton Fair this year, especially those