100 Days In: Trump’s ‘Strategic Uncertainty’ on Tariffs Leaves Markets Guessing

Hong Kong’s jewelry, gold, and silver exports fell 4.8% year-on-year in January 2025, continuing the downward trend seen in late 2024. Imports in this category dropped even more sharply, declining 9.6% compared to the previous year. Despite these challenges in the jewelry sector, Hong Kong’s total exports managed a slight 0.1% increase in January, supported by strong shipments to the US and Asia, though EU exports declined. The government acknowledges ongoing challenges from trade protectionism but expects support from global economic growth and mainland China’s economic stimulus measures.

China experienced a sharp decline in gold imports via Hong Kong in January 2025, with volumes plummeting to 13.816 metric tons, according to figures released Tuesday by the Hong Kong Census and Statistics Department. This represents a substantial 44.8% decrease from December’s imports of 25.007 tons and marks the lowest level of gold imports through this channel since April 2022. The dramatic reduction suggests a potential shift in China’s gold acquisition strategy or demand patterns as the new year began, contrasting markedly with the significantly higher import figures observed at the end of 2024.