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Hong Kong Figures - Industrial Q1 2023

April 14, 2023

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  • Despite the Hong Kong PMI index moving into expansion territory in the first two months of the year, aggregate trade in January-February combined fell by 22.1% y-o-y. This was primarily due to a 30.9% y-o-y decline in merchandise exports to China.
  • Leasing momentum was subdued in Q1 2023 owing to sluggish external demand and ongoing economic uncertainty. Occupiers were cost-cautious, with just a handful of expansion and relocation transactions observed.
  • The release of a few small-to-medium sized units during the quarter pushed up warehouse vacancy by 0.2-ppt to 2.7%.