Hong Kong Is Finished: No More ‘Made in HK’, Foreign Funds Plummet by 70%, 17-Month Export Drop
Hong Kong Is Finished: No More ‘Made in HK’, Foreign Funds Plummet by 70%, 17-Month Export Drop
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Data released by the Hong Kong Government's Statistics Department shows that in September, the total export value of goods was HK$380.3 billion (48.8 billion USD). This represents a year-on-year decrease of 5.3%, falling short of expectations and marking a 17-month consecutive decline - the longest since records began in 1952. The value of imports was HK$444.9 billion, a decrease of 0.4% year-on-year. Last month's tangible trade deficit was HK$64.6 billion, 14.5% of the total value of goods imported. Comparing the first nine months of 2023 with the same period in 2022, Hong Kong's total export and import volumes of goods decreased by 15.6% and 12.9%, respectively.
According to The Wall Street Journal in October of this year, citing statistical data, the number of American companies in Hong Kong has been declining for four consecutive years. As of June 2022, the number had dropped to 1,258, the lowest since 2004. In contrast, last year, the number of Chinese companies with regional headquarters in Hong Kong surpassed American companies for the first time in at least 30 years.