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Hong Kong Has Surprise Export Drop as China Locks Down

  • Exports plummet 8.9% in March, most since January 2020
  • Global inflation, geopolitical tensions remain challenges: Gov
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Hong Kong’s exports plunged in March by the most since January 2020 as Covid restrictions in China weighed on the flow of goods. 

Exports fell 8.9% last month from a year earlier, the Census and Statistics Department said Thursday. Economists had expected an expansion of 2.5%. Imports dropped 6% in the month, the most since June 2020, also defying economist expectations of a 4% increase. The trade deficit worsened to HK$37.3 billion ($4.75 billion).