Trade between the Chinese mainland and Hong Kong amounted to $39.3 billion in the first two months of this year, down 10.5 per cent year on year.
Hong Kong has long served as the bridge between China and the world, conveying trade and investment flows both ways.
Statistics from China’s Ministry of Commerce (MOC) showed that China-Hong Kong trade during the period accounted for 7.7 per cent of the mainland’s total overseas trade volume.
The figures revealed that while mainland China’s exports to Hong Kong have decreased by 13.1 per cent, its imports from Hong Kong surged by 78 per cent on a year-on-year basis.
The number of projects the Chinese mainland has approved for investment from Hong Kong as well as the actual use of Hong Kong investment also declined by more than 20 per cent.
In terms of actual use of investment, Hong Kong accounted for 50.8 per cent of total overseas investment in the Chinese mainland as of the end of February, according to the Ministry of Commerce.
Hong Kong’s retail sales in February plunged the most since 1999 as fewer Chinese tourists visited the city during the Lunar New Year holiday.
Retail sales dropped 21 per cent in February to HK$37 billion ($4.8 billion) year on year. Combining January and February, sales fell 14 per cent.