Hong Kong’s jewellery exports breached negative territory in November 2020, recording a year-on-year increase of 8.3 per cent – the sector’s first recorded growth since Covid-19, latest government data revealed.
Jewellery imports were also on the upswing, rising by 6.2 per cent.
Total exports were up 5.6 per cent in November, with year-to-date figures showing a 2.8 per cent decline. The government said exports grew year on year in November due to an improved external trading environment.
“This was particularly evidenced by the strong performance in exports to China. Exports to the US reverted to a modest increase, and those to the EU picked up further. Exports to many major Asian markets also showed improvement of varying degrees,” a government spokesman said.
Despite promising signs of recovery, particularly in China, a new spate of Covid-19 infections in developed economies could affect Hong Kong’s export business, it added.
Hong Kong’s jewellery exports stayed in negative territory for the most part of 2020, owing to uncertainties caused by anti-government protests and the coronavirus pandemic. Exports declined by as much as 40 per cent in May before inching into single-digit losses by September.
Retail sales in Hong Kong also recovered further in November, with year-on-year figures showing a narrower rate of decline at 16.1 per cent from 26.8 per cent in October. Year-to-date figures were down 55. 1 per cent compared a loss of 65.5 per cent during the first half of 2020.
Overall retail sales showed signs of promise, declining by 4 per cent in November compared to an 8.7 per cent fall in October. The government traced this slower pace of decline to a notable increase in sales at retail outlets of durable consumer goods.