Hong Kong Private Sector PMI Lowest in Over 3 Years

The S&P Global Hong Kong SAR PMI dropped to 47.8 in June 2025 from 49.0 in May, marking the lowest reading since March 2022 and the fifth consecutive month of contraction in private sector activity.

Output fell at the sharpest pace in a year, while new orders shrank at the fastest rate in over three years.

Sales to both mainland China and overseas also declined more rapidly.

Firms reduced purchasing activity amid weaker production needs and worked through backlogs for a sixth straight month, even as staffing levels remained unchanged.

Supplier delivery times lengthened slightly, ending a three-month run of improved performance.

Input cost inflation eased to its slowest pace since January 2021, largely due to cooling wage pressures.

However, selling prices were cut for the third time in four months to support demand.

Business sentiment fell to its weakest level in nearly five years, weighed down by soft domestic demand, a subdued global outlook, and uncertainty around U.S.

trade policy.