Hong Kong: Exports of jewellery, goldsmiths and silversmiths’ wares in Hong Kong reached HK$45.14 billion (around US$5.8 billion) during the first quarter of 2017, up 4.7 percent from the same period a year ago, the Census and Statistics Department of Hong Kong revealed.

Government data also showed a 3.2 percent year-on-year increase in jewellery imports to HK$57.1 billion (around US$7.33 billion) from January to March.

Exports in March alone registered a 17.1 percent surge to HK$18 billion (around US$2.3 billion) while imports were up 16 percent to HK$23.6 billion (around US$3.03 billion).

The Hong Kong Trade Development Council (HKTDC) earlier said Hong Kong-based jewellery manufacturers are more optimistic about prospects in the export sector in 2017.

HKTDC said the export index rebounded to 47.1 in the first quarter of 2017 from 33.7 in the fourth quarter of 2016, reflecting a general improvement in export confidence across major industries. The index monitors the current export performance of Hong Kong traders and gauges their near-term prospects.

The jewellery sector index rose to 45.1 in 1Q17 from 30.4 in 4Q16, according to HKTDC. While the number is still below the watershed of 50, which indicates some level of uncertainty, an increase in the index is a clear indication that export confidence is improving.

According to HKTDC, the jewellery sector also exhibited a higher trade value, procurement and employment indices. It added that “hiring confidence” was the highest in the jewellery sector, with the index climbing to 48 from 47.

“Overall, exporters were far less pessimistic with regard to their likely export performance over the short term,” noted HKTDC.

Export confidence was also up with regard to all major markets. The US inspired the highest level of confidence in 1Q17 (50.3), followed closely by Japan (49.8) and mainland China (49.5). At 48.7, the EU was the worst performer.