Hong Kong’s jewelry, gold and silver exports declined 4.8% year-on-year in January 2025, extending the downward trend that began in late 2024.
Imports of jewelry, gold and silver fell more steeply, decreasing 9.6% compared with the same month a year earlier.
Overall, Hong Kong’s total exports edged up 0.1% in January 2025, supported by strong shipments to the United States and other Asian markets, while exports to the European Union weakened.
The government noted that rising trade protectionism remains a headwind for trade, but it expects some offsetting support from global economic growth and stimulus measures announced by mainland China.
Industry observers say the jewelry sector continues to face structural pressures, including shifting consumer demand, higher input costs and intensified competition from regional producers. These factors, combined with the uneven recovery in key export destinations, have weighed on both inbound and outbound flows of precious metals and finished jewelry products.
Policymakers and business groups are monitoring developments closely. Some exporters are looking to diversify export markets and upgrade product offerings to higher-value or niche segments to counter shrinking volumes. Meanwhile, importers are adjusting sourcing strategies in response to price volatility for gold and silver.
While the modest rise in overall exports offers a degree of resilience, the performance of the jewelry, gold and silver category highlights vulnerabilities in specific sectors. Continued global growth and mainland stimulus could help stabilize demand, but the outlook will depend on how trade frictions, costs and consumer preferences evolve in the coming months.