Hong Kong Business Activity Slumps Further in March as Virus Pummels Economy

A general view of Hongkong International Terminals (HIT), owned by Hutchison Port Holdings, as part of the Kwai Tsing Container Terminals for transporting shipping containers in Hong Kong, China, on July 25, 2018. Bobby Yip/Reuters

HONG KONG—Business activity in Hong Kong deteriorated further in March, a private survey showed on April 3, as demand, output and confidence plunged amid the deepening coronavirus pandemic.

While the adjusted IHS Markit headline Hong Kong Purchasing Manager’s Index (PMI) edged up to 34.9 in March, from 33.1 in February, it still signaled the second-sharpest deterioration of private sector conditions in the city since July 1998, when the survey began.