Hong Kong's Merchandise Trade Sees Strong Year-on-Year Growth in February 2025

External merchandise trade statistics for February 2025

The Census and Statistics Department (C&SD) released today (March 25) the external merchandise trade statistics for February 2025. In February 2025, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 15.4% and 11.8% respectively.

Due to the difference in timing of the Chinese New Year holidays, it is more appropriate to analyse the trade figures for January and February taken together in making year-on-year comparison.

Taking January and February of 2025 together, the value of total exports of goods increased by 6.5% over the same period in 2024. Concurrently, the value of imports of goods increased by 5.7%. A visible trade deficit of $34.6 billion, equivalent to 4.6% of the value of imports of goods, was recorded in the first two months of 2025.

In February 2025, the value of total exports of goods increased by 15.4% over a year earlier to $327.9 billion, after a year-on-year increase by 0.1% in January 2025. Concurrently, the value of imports of goods increased by 11.8% over a year earlier to $364.2 billion in February 2025, after a year-on-year increase by 0.5% in January 2025. A visible trade deficit of $36.3 billion, equivalent to 10.0% of the value of imports of goods, was recorded in February 2025.

Comparing the three-month period ending February 2025 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 8.6%. Meanwhile, the value of imports of goods increased by 3.4%.

Analysis by country/territory

Comparing February 2025 with February 2024, total exports to Asia as a whole grew by 25.0%. In this region, increases were registered in the values of total exports to some major destinations, in particular Vietnam (+114.2%), Taiwan (+73.0%), the Philippines (+32.3%) and the mainland of China (the Mainland) (+29.5%). On the other hand, a decrease was recorded in the value of total exports to India (-29.8%).

Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular the Netherlands (-44.7%) and the USA (-18.5%). On the other hand, an increase was recorded in the value of total exports to the United Kingdom (+61.0%).

Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular France (+77.9%), the United Kingdom (+77.6%), Vietnam (+52.4%), Taiwan (+42.6%), Malaysia (+41.7%) and the Mainland (+18.1%). On the other hand, a decrease was recorded in the value of imports from Korea (-31.4%).

For the first two months of 2025 as a whole, increases were registered in the values of total exports to some major destinations, in particular Vietnam (+89.9%), Taiwan (+29.2%), Singapore (+18.3%) and the Mainland (+10.9%). On the other hand, decreases were recorded in the values of total exports to the United Arab Emirates (-38.2%) and India (-25.6%).

Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular France (+106.7%), the United Kingdom (+58.7%), Vietnam (+50.4%), Malaysia (+48.1%), Taiwan (+39.9%) and the Mainland (+2.0%). On the other hand, a decrease was recorded in the value of imports from Korea (-25.3%).

Analysis by major commodity

Comparing February 2025 with February 2024, increases were registered in the values of total exports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $27.3 billion or +20.8%) and "office machines and automatic data processing machines" (by $20.5 billion or +68.9%).

Over the same period of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $23.2 billion or +16.9%) and "office machines and automatic data processing machines" (by $16.6 billion or +76.3%).

For the first two months of 2025 as a whole, increases were registered in the values of total exports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $35.5 billion or +53.2%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $23.0 billion or +7.3%).

Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $30.5 billion or +63.3%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $30.2 billion or +10.1%).

Commentary

A Government spokesman said that Hong Kong's merchandise exports continued to see solid increase in general in early 2025. Taking the first two months of 2025 together to remove the effect of the earlier arrival of the Chinese New Year this year, the value of merchandise exports grew by 6.5% over a year earlier. Exports to the Mainland increased visibly, and those to many other Asian markets also increased. Exports to the United States rose marginally, while those to the European Union declined.

Looking ahead, the tariff measures introduced so far by the United States and the uncertainties surrounding protectionist policies would continue to pose challenges to Hong Kong's merchandise trade performance. Nevertheless, the sustained growth in global economy in particular the Mainland economy, should render support to Hong Kong's exports. The Government will monitor the situation closely.

Further information

Table 1 presents the analysis of external merchandise trade statistics for February 2025. Table 2 presents the original monthly trade statistics from January 2022 to February 2025, and Table 3 gives the seasonally adjusted series for the same period.

The values of total exports of goods to 10 main destinations for February 2025 are shown in Table 4, whereas the values of imports of goods from 10 main suppliers are given in Table 5.

Tables 6 and 7 show the values of total exports and imports of 10 principal commodity divisions for February 2025.

All the merchandise trade statistics described here are measured at current prices and no account has been taken of changes in prices between the periods of comparison. A separate analysis of the volume and price movements of external merchandise trade for February 2025 will be released in mid-April 2025.

The February 2025 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in February 2025 and will be available in early April 2025. Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020005&scode=230).

Enquiries on merchandise trade statistics may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4691).

HKSAR Government strongly condemns US senators' despicable attempt to intimidate HKSAR personnel safeguarding national security

The Hong Kong Special Administrative Region (HKSAR) Government today (May 17) strongly condemned those United States (US) senators who requested a review, through a so-called "bill", of including a number of judges, and prosecutors of the Department of Justice (DoJ), in a so-called list of "sanctions" in an attempt to intimidate the HKSAR personnel concerned who safeguard national security.

A spokesman for the HKSAR Government said, "It is clear that safeguarding national security falls within the internal affairs of a sovereign jurisdiction, so the implementation of the Hong Kong National Security Law (HKNSL) is free from any intervention. However, those US politicians insist on turning a blind eye to all these facts, and even clamour for so-called 'sanctions' against the HKSAR personnel and judges who dutifully safeguard national security. The HKSAR despises any so-called 'sanctions' and shall never be intimidated. It shall continue to resolutely discharge the responsibility of safeguarding national security. The HKSAR Government strongly urges the US politicians concerned to discern facts from fallacies, and immediately stop acting against the international law and basic norms of international relations and interfering in Hong Kong matters, which are purely China's internal affairs."

The spokesman pointed out, "Nearly five years having passed since the implementation of the HKNSL, the HKSAR law enforcement agencies have been taking law enforcement actions based on evidence and strictly in accordance with the law in respect of the acts of the persons or entities concerned, which have nothing to do with their political stance, background or occupation. The DoJ of the HKSAR is in charge of criminal prosecutions under Article 63 of the Basic Law, with all its prosecutorial decisions made on an objective analysis of all admissible evidence and applicable laws."

"The Judiciary of the HKSAR exercises judicial power independently in accordance with the law, and everyone charged with a criminal offence has the right to a fair hearing. The courts decide cases strictly in accordance with the evidence and all applicable laws. Cases will never be handled any differently owing to the professions, political beliefs or backgrounds of the persons involved. The prosecution has the burden to prove beyond reasonable doubt the commission of an offence before a defendant may be convicted by the court."

"The judicial system of the HKSAR has always been highly regarded by international communities. Any attempt by any country, organisation, or individual to interfere with the judicial proceedings in the HKSAR by means of political power is a reprehensible act undermining the rule of law of the HKSAR. Making any statement with the intent to interfere with or obstruct the course of justice, or engaging in conduct with the same intent, is very likely to constitute the offence of criminal contempt of court or the offence of perverting the course of justice."

The spokesman reiterated, "The HKSAR steadfastly safeguards national sovereignty, security and development interests, and fully and faithfully lives up to this top priority of the 'one country, two systems' principle. The HKSAR Government will, as always, resolutely, fully and faithfully implement the HKNSL, the Safeguarding National Security Ordinance and other relevant laws safeguarding national security in the HKSAR, to effectively prevent, suppress and impose punishment for acts and activities endangering national security in accordance with the law, whilst upholding the rights and freedoms of Hong Kong people in accordance with the law, so as to ensure the steadfast and successful implementation of the principle of 'one country, two systems'."