Hong Kong’s Exports Hit Worst Record in 70 Years

Hong Kong used to be a major export destination for products from Communist China, but it has continued to experience a decline in its import and export performance in recent years. The latest import and export figures from Hong Kong are disappointing, with the value of exported goods experiencing the largest monthly drop in 70 years. Data shows that the trade war has had an impact on mainland China’s foreign trade, and Hong Kong has had to bear the brunt of this dispute. This also signifies the end of an era in which Communist China can rely on trade surpluses to drive economic growth. According to the latest figures released by the Hong Kong government’s Census and Statistics Department on Monday, February 27th, the overall value of Hong Kong’s imports and exports in January continued to decline. The value of exported goods was HKD 290.9 billion, a year-on-year decline of 36.7%, the largest drop in 70 years. The value of imported goods was HKD 316.3 billion, a year-on-year decline of 30.2%, the largest monthly drop in 56 years.
Some analysts suggest that the trade war between Communist China and the United States has not eased, and many companies have moved their supply chains out of China. This has resulted in Hong Kong, which relied heavily on the Chinese market, bearing the consequences of the downturn in China’s foreign trade. The worsening import and export figures for Hong Kong are evidence of the overall decline in China’s export orders. This not only puts Communist China’s status as the world’s factory in jeopardy, but also signifies the end of an era in which economic growth was driven by trade surpluses.