Hong Kong Exports Drop Most Since 1950s as Demand Weakens

(Bloomberg) — Hong Kong’s exports plunged in December by the most since the 1950s, extending a months-long streak of declines fueled by the slowdown on the Chinese mainland and a global demand drop-off that probably pushed the financial hub into economic contraction last year.

Overseas shipments plummeted 28.9% last month from a year earlier, the Census and Statistics Department said Thursday. That was worse than the 23.4% decline economists had expected and more severe than November’s 24.1% fall, already the worst since 1954.