Hong Kong’s exports of jewellery and other luxury items fell in March due to softer demand and Covid-related cargo disruptions. First-quarter figures however increased.

The Census and Statistics Department said jewellery shipments in March were down 7.2 per cent to HK$17.03 billion (around US$2.17 billion) year on year. January to March jewellery exports meanwhile rose 9.3 per cent HK$55.28 billion (around US$7.04 billion) compared to the same period last year.

Total exports of goods decreased by 8.9 per cent while first-quarter exports were up 3.4 per cent.

Hong Kong attributed the slump in March shipments to more subdued demand and Covid-induced disruptions to cross-boundary cargo flows between mainland China and Hong Kong. 

“A high base of comparison was also relevant. Exports to the mainland and the EU fell, and those to the US posted decelerated growth. Exports to other major Asian markets saw mixed performance,” a government spokesman explained.

Hong Kong said inflation, tighter monetary policies of major central banks and heightened geopolitical tensions could impact global economic outlook and pose challenges to the city’s export business. A gradually stabilising Covid situation in Hong Kong that could facilitate cross-boundary transportation of goods could however support export performance, the government added.