Hong Kong Figures - Industrial Q3 2023
October 13, 2023 5 Minute Read
- Hong Kong’s PMI Index remained in contraction territory for a third consecutive month. Aggregate trade in June and July combined fell by 6.4% y-o-y, marking an improvement from four consecutive quarterly double-digit declines. Container throughput dropped by 13.8% y-o-y but airfreight rebounded by 6.2% y-o-y over the same period.
- This quarter saw retail-related companies complete several major logistics leasing transactions, reflecting a broader retail market improvement.
- The warehouse vacancy rate increased to 5.5%, a rise of 3.0% points q-o-q, mainly due to the completion of the Cainiao Smart Gateway on Airport Island. Should this new building be excluded from this quarter’s figures, vacancy would have fallen from 2.5% to 1.8%.