Hong Kong saw single-digit growth in jewellery exports and retail sales in the first two months of 2024, owing to continued recovery in business and consumer sentiment in major markets.

Data from the city’s Census and Statistics Department showed that shipments of jewellery, goldsmiths’ and silversmiths’ wares rose 6 per cent year on year to HK$34.8 billion (around US$4.4 billion) in January to February. In February alone, exports were up 2.8 per cent to HK$14.9 billion (about US$1.9 billion) from year-ago figures.

Meanwhile, January to February sales of jewellery, watches and clocks, and other valuable gifts reached HK$10.2 billion (approximately US$1.3 billion) in the first two months of the year, up 8.8 per cent from the same period in 2023. Sales in February, however, were down 3.6 per cent.

While the Hong Kong government cited a low base of comparison for export figures in 2023, it also mentioned notable increases in exports to China and the US in 2024.

Meanwhile, inbound tourism and the return of major events in Hong Kong will remain critical to the growth of the retail sector, noted Hong Kong.

“Rising household income and the government’s initiatives in boosting consumption sentiment should also provide support, though changes in consumption patterns of residents and visitors will continue to pose challenges,” a government spokesman was quoted as saying.