Here's proof that Hong Kong's export growth rebound is just 'modest'

It bounced back to 11.2% in March.

According to Hang Seng Bank's Hong Kong Economic Monitor, on the external front, Hong Kong’s export growth rebounded to 11.2% in March following a sharp contraction in February, but in line with its Asian peers, the pace of the recovery could only be considered modest on a quarterly basis.

Imports rose by 11.3% in March, resulting in a larger trade deficit of HKD49.1 billion, versus HKD43.9 billion a year ago.

Here's more from the report:

March’s export growth was underpinned by demand from Asian neighbors, in particular Taiwan (+24.0%), the Mainland (+16.5%) and Singapore (+12.2%). In contrast, shipments to the developed economies such as the US (+0.4%) and Europe (-6%) were more disappointing.

Demand from Japan was also weak (-0.6%), as a sharp depreciation of the Japanese yen partly eroded the country’s purchasing power overseas.