Hong Kong Exports Drop Most Since 1950s as Demand Weakens
- December decline in overseas shipments surpasses November low
- Exports to China, US, EU all fall sharply, government says
The Kwai Tsing Container Terminal in Hong Kong.
Photographer: Paul Yeung/BloombergThis article is for subscribers only.
Hong Kong’s exports plunged in December by the most since the 1950s, extending a monthslong streak of declines fueled by China’s slowdown and a global demand dropoff that probably pushed the financial hub into economic contraction last year.
Overseas shipments plummeted 28.9% last month from a year earlier, the Census and Statistics Department said Thursday. That was worse than the 23.4% decline economists had expected and more severe than November’s 24.1% fall, already the worst since 1954.