Business receipts of major service industries fall double digits in Q4

The import/export trade industry recorded the largest decrease of 21.6% YoY.

Business receipts of import/export trade, transportation, insurance, wholesale, and courier industries fell double digits in the fourth quarter of 2022, data from the Census and Statistics Department showed.

Amongst industries, import/export trade posted the biggest decline (-21.6%), followed by transportation (-21.5%), insurance (-14.8%), wholesale (-11.3%), and courier (-10.2%).

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Only banking (+43.6%), and administrative and support services (+17.9%) industries posted increases during the quarter.

A government spokesman said changes in the business receipt index Q422 were due to “the deteriorated external environment, cross-boundary transportation disruptions, and tightened financial conditions” that continued to weigh on the city’s businesses of its major service industries.