Hong Kong ended the year 2023 with a 5 per cent rise in jewellery exports as global business recovery continues. A double-digit uptick was recorded in December alone, the government said.

According to the city’s Census and Statistics Department, exports of jewellery and other gold and silver items reached HK$243.4 billion (around US$31.1 billion) during the year in review compared to 2022. December 2023 figures, meanwhile, were up 14.8 per cent to HK$18 billion (around US$2.3 billion).

Jewellery exports data in 2023 are a stark contrast to that of 2022 when the sector suffered from widespread economic and political instability. Jewellery shipments then were down 28.7 per cent in December and 6.5 per cent for the year.

The downward trend continued throughout Q1 of 2023 but jewellery exports started to recover in Q2, sustaining their growth trajectory towards the end of the year.

Meanwhile, Hong Kong’s overall exports rose 11 per cent in December last year while full-year figures were down 7.8 per cent amid a slowdown in global economic recovery. 

“Exports to the mainland and the US rose visibly, and those to the European Union registered a marginal increase. Those to other major Asian markets recorded mixed performance,” the Hong Kong government said.