According to latest trade figures released by the Hong Kong Census and Statistics Department (C&SD) in May, Hong Kong’s exports have fallen for 13 consecutive months, the longest period of decline in history. Even though the border between China and Hong Kong resumed full opening at the beginning of 2023, throughput through Kwai Tsing Container Terminal (previously known as Kwai Chung Container Port/Terminals), which accounts for 70 percent of Hong Kong’s cargo shipment, has fallen for the 18th consecutive month and the drop in the past two months was nearly 20 percent.
Some commentators believe that Hong Kong’s status as a shipping and trade center has continued to decline, and the function of Hong Kong as an international transport hub has gradually shifted to the mainland. The real reason behind this is that Hong Kong has lost its former gloss as a “super-entrepôt.”
