Hong Kong’s jewellery exports continued to fall albeit at a slower pace in June, reflecting a tempered overall decline in exports mainly due to the Chinese economy picking up.
According to the Census and Statistics Department, shipments of jewellery, goldsmiths’ and silversmiths’ wares were down 29.7 per cent year on year in June after plunging by as much as 40 per cent in May and 37.3 per cent in April.
Jewellery exports in the first half of 2020 sank 28.5 per cent year on year, government data further revealed.
Overall merchandise exports were down 1.3 per cent in June compared to the same period last year and 6.9 per cent from January to June.
A government spokesman commented, “The moderated year-on-year decline in merchandise exports in June mainly reflected a pick-up in exports to China. The low base of comparison in the same month last year also partly contributed.”
Exports to the US, the European Union and many other major Asian markets fell by varying degrees amid a deep global recession.
“Looking ahead, the continued spread of Covid-19 in various parts of the world is still a key threat to the global economic outlook. The increasingly tense China-US relations have also added uncertainties. In face of a challenging external environment, Hong Kong's merchandise export performance will likely remain constrained in the near term,” the government noted.