that's for 2022. 2023 numbers will be horrendous, based on the 40% export collapse seen in January 2023.
Hong Kong exports post biggest plunge in 70 years https://asia.nikkei.com/Economy/Trade/Hong-Kong-exports-post...
Hong Kong exports post biggest plunge in 70 years https://asia.nikkei.com/Economy/Trade/Hong-Kong-exports-post...
HK (and China) export always plunges in the month with the Lunar New Year Holiday. In 2022, that would be February, but in 2023, it's January, hence the large decrease. In fact, HK export this Lunar New Year is the third highest ever, only standing behind 2021 and 2022.
- CHIP act in mid 2022 from Biden that spurred Apple to finally drag its immoral lazy feet
- Russia invasion of Ukraine, and Chinese proclamation of friendship with no limits shortly after
- covid lockdowns in China in early 2022 that shut down factories
- increasing electric rationing every year in China that shut down factories
- Foxconn factory riots
- very loud geopolitical risks that C level execs can no longer pretend not to hear
- can't move money out of China. 'I can't get my money out': Billionaire investor Mark Mobius says China is restricting flows of capital out of the country. https://markets.businessinsider.com/news/stocks/mark-mobius-...
This has been true for 10+ years
Whatever the US is doing with sanctions is still much looser than China's controls on capital, and they've made it an explicit point that they would rather keep capital controls and the ability to suddenly put in even more draconian ones, than to become a global reserve currency.
It will be interesting to see if the US decides to do to China for those that CHina did to the US for practically ... everything. Essentially take the technology from them with "partnerships" (you see CATL proposing and building factories in EU and US now) that will effectively onshore whatever advantages they have there.