Hong Kong has seen a drop in its re-export value of apparel and textile products during January to April ’20 period, while the exports of locally made products increased significantly.
According to the statistics released by the Census and Statistics Department (Hong Kong) and compiled by the Hong Kong General Chamber of Textiles, the region re-shipped apparel and textile worth HK $ 32,689 million in the said period, dropping over 29 per cent on Y-o-Y basis.
The decline in re-exports can be attributed to the impact of pandemic outspread.
Of total re-export value, apparels contributed HK $ 18,600 million (down 35.10 per cent) and the share of textiles was HK $ 14,090 million (down 19.20 per cent).
Mainland China accounted for HK $ 7,761 million of this re-export value, declining around 26 per cent on the yearly note. On the other hand, USA and EU accommodated HK $ 5,274 million and HK $ 4,677 million, respectively, falling by 45.50 per cent and 23.60 per cent from their respective imports from Hong Kong.
Hong Kong’s re-export to ASEAN – a 10-nation bloc – too declined by 19.80 per cent and it clocked HK $ 6,077 million from the region.
As far as apparel and textile export of locally made products is concerned, Hong Kong saw a good yearly jump of 56.30 per cent and earned HK $ 422 million revenue in Jan.-Apr. ’20 period.
Around 54 per cent of direct export value – HK $ 228 million – came from Mainland China, marking 121.40 per cent surge on Y-o-Y basis.
USA was also a profitable country for Hong Kong as it directly shipped apparels and textile products worth HK $ 64 million which is a staggering surge of 121.40 per cent on the yearly basis.