Hong Kong can’t catch a break.
January was supposed to be the month that sagging exports from the Asian finance hub’s huge port started to bottom. Instead, they slumped. By a lot more.
Total outbound shipments plunged 23% from a year earlier, far worse than the 3.7% drop that economists expected, figures released Tuesday showed. Exports from the facility, one of the 10 largest ports in the world, saw big drops to key markets: down 21% to the rest of Asia, 33% to the U.S. and 37% to the U.K.
While the data were probably affected by the annual Lunar New Year holidays, they also show that whatever dividend was likely from the U.S. and China trade deal has already evaporated. The focus now is on how much worse the pain could get as the city braces for fallout from the coronavirus.
The disruptions, meanwhile, are reverberating:
Today, the Alliance for Chemical Distribution (ACD) welcomed 666 members and industry leaders for its highly anticipated 2024 Annual Meeting held in La Quinta, California.
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