Hong Kong's Merchandise Trade Sees Significant Year-on-Year Growth in March 2025

External merchandise trade statistics for March 2025

The Census and Statistics Department (C&SD) released today (April 28) the external merchandise trade statistics for March 2025. In March 2025, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 18.5% and 16.6% respectively.

In March 2025, the value of total exports of goods increased by 18.5% over a year earlier to $455.5 billion, after a year-on-year increase by 15.4% in February 2025. Concurrently, the value of imports of goods increased by 16.6% over a year earlier to $500.9 billion in March 2025, after a year-on-year increase by 11.8% in February 2025. A visible trade deficit of $45.4 billion, equivalent to 9.1% of the value of imports of goods, was recorded in March 2025.

For the first quarter of 2025 as a whole, the value of total exports of goods increased by 10.9% over the same period in 2024. Concurrently, the value of imports of goods increased by 9.8%. A visible trade deficit of $80.7 billion, equivalent to 6.4% of the value of imports of goods, was recorded in the first quarter of 2025.

Comparing the first quarter of 2025 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods increased by 12.7%. Meanwhile, the value of imports of goods increased by 9.9%.

Analysis by country/territory

Comparing March 2025 with March 2024, total exports to Asia as a whole grew by 22.4%. In this region, increases were registered in the values of total exports to some major destinations, in particular Taiwan (+61.3%), Malaysia (+57.3%), Vietnam (+41.3%), the Philippines (+34.5%) and the mainland of China (the Mainland) (+25.4%). On the other hand, a decrease was recorded in the value of total exports to Korea (-22.8%).

Apart from destinations in Asia, increases were registered in the values of total exports to some major destinations in other regions, in particular the United Kingdom (+48.5%) and the USA (+11.4%). On the other hand, a decrease was recorded in the value of total exports to the Netherlands (-29.0%).

Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Vietnam (+95.1%), Taiwan (+75.8%), the United Kingdom (+55.6%), Malaysia (+46.9%) and the Mainland (+7.4%). On the other hand, a decrease was recorded in the value of imports from Korea (-21.0%).

For the first quarter of 2025 as a whole, increases were registered in the values of total exports to some major destinations, in particular Vietnam (+69.1%), Taiwan (+40.6%) and the Mainland (+16.2%). On the other hand, decreases were recorded in the values of total exports to the United Arab Emirates (-36.9%) and India (-20.2%).

Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Vietnam (+68.9%), the United Kingdom (+57.4%), Taiwan (+53.9%), Malaysia (+47.6%) and the Mainland (+4.1%). On the other hand, a decrease was recorded in the value of imports from Korea (-23.6%).

Analysis by major commodity

Comparing March 2025 with March 2024, increases were registered in the values of total exports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $51.2 billion or +133.5%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $20.8 billion or +11.1%).

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 $44.4 billion or +130.8%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $22.2 billion or +11.5%).

For the first quarter 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 $86.7 billion or +82.6%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $43.3 billion or +8.6%). On the other hand, a decrease was registered in the value of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $12.1 billion or -9.0%).

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 $74.8 billion or +91.1%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $52.4 billion or +10.6%). On the other hand, a decrease was registered in the value of imports of "non-metallic mineral manufactures" (by $10.0 billion or -24.0%).

Commentary

A Government spokesman said that the value of merchandise exports grew sharply by 18.5% in March over a year earlier. Exports to the Mainland grew strongly, while those to other major Asian economies showed mixed performance. Exports to the United States increased visibly, and those to the European Union registered a marginal increase.

Looking ahead, global trade tensions have escalated abruptly due to the significant increases in tariffs by the United States in early April. This will pose challenges to Hong Kong's merchandise trade performance. Nevertheless, the steady growth in the Mainland economy, together with Hong Kong's proactive efforts in enhancing economic and trade ties with different markets, should help buttress trade performance. The Government has been providing support to enterprises through various measures in coping with the external challenges, and will monitor the situation closely.

Further information

Table 1 presents the analysis of external merchandise trade statistics for March 2025. Table 2 presents the original monthly trade statistics from January 2022 to March 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 March 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 March 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 March 2025 will be released in mid-May 2025.

The March 2025 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in March 2025 and will be available in early May 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).

Speech by CS at Nobel Heroes Forum: Shaping Science and Future

Following is the speech by the Chief Secretary for Administration, Mr Chan Kwok-ki, at the Nobel Heroes Forum: Shaping Science and Future today (January 12):

Dr Wong (Chairman of the University of Hong Kong (HKU) Council, Dr Peter Wong), Professor Zhang (President and Vice-Chancellor of the HKU, Professor Zhang Xiang), Mr Turner (Executive Director of Foundation Lindau Nobel Laureate Meetings, Mr Nikolaus Turner), distinguished Nobel Laureates, esteemed scientists,ladies and gentlemen,

Good morning. It is my great pleasure to join you today for the Nobel Heroes Forum: Shaping Science and Future.

To our Nobel Laureates – we are truly privileged to have you with us. You represent the very best of human curiosity and perseverance. Your ground-breaking work expands our understanding of the universe, lights the path for future discovery, and inspires generations. Thank you for joining this extraordinary gathering.

And to all our distinguished guests from around the world – a very warm welcome to Hong Kong.

Today's dialogue is more than an academic event. It is a powerful convergence of the world's finest scientific minds, right here in a city that is determined to play its part in global innovation.

Hong Kong's mission is clear and unwavering: to become a premier international innovation and technology centre. A hub where top scientists, scholars and entrepreneurs can thrive, collaborate and serve the world.

To achieve this, the Government is fully committed. We are building a world-class ecosystem and nurturing the talent to power it.

First, we are building the infrastructure for greatness.

We have established a strategic I&T framework centred on three major I&T (innovation and technology) parks and five key research and development institutions.

Building on the success of the Science Park and Cyberport, we officially launched the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone last month.

The Hetao Co-operation Zone is a major co-operation platform in the Guangdong-Hong Kong-Macao Greater Bay Area under the National 14th Five-Year Plan. The Hong Kong Park is envisioned as a world-class hub for technological innovation, connecting the Chinese Mainland with the international community, and serving as an important source for fostering new quality productive forces.

Together with our five key R&D (research and development) institutions focus on frontier technologies, these developments will create more favourable conditions for Hong Kong to attract global I&T resources and talent.

Second, we are investing decisively.

We back our words with resources. We have launched significant funding schemes across the entire innovation chain.

To support excellent and impactful research, the Research Grants Council (RGC) under the University Grants Committee administers more than 20 competitive research grant and fellowship schemes.

Furthermore, last year we launched the 3 billion HK dollars Frontier Technology Research Support Scheme to empower ground-breaking basic research led by world-class researchers and academics.

To accelerate the midstream and downstream development, we rolled out three separate 10 billion HK dollars initiatives to drive the commercialisation of R&D outcomes and new industrialisation.

Third, and most crucially, we are nurturing and attracting top talent.

Talent is our ultimate driving force. We are expanding our talent pool through multiple strategies.

On nurturing young research talent, the Government has launched the Young Collaborative Research Grant to support early-stage researchers in leading and managing collaborative research. We are also actively fostering research collaboration between Hong Kong, the Chinese Mainland and overseas research funding agencies through operating various Joint Research Schemes. These partnerships not only foster academic exchange but also provide opportunities to nurture researchers in exploring new frontiers in their respective fields.

On attracting global talent, the RGC Junior Research Fellow Scheme has supported some 300 doctoral graduates from Hong Kong and around the world to pursue research careers at our universities.

Our international research flagship, the InnoHK research clusters, is also there to bring together brilliant minds from all over the world to conduct world-class scientific research. To date, our two existing InnoHK research clusters – one focusing on healthcare technology and another on AI and robotics – have successfully built links with over 30 world-class universities and research institutes from 12 economies, pooling together around 3 000 researchers locally and across the globe.

To go further, the Government is now expediting the development of the third InnoHK research cluster, with the focus on sustainable development, energy, advanced manufacturing and materials.

Our strategy follows a powerful cycle: promoting technology with talent, leading industries with technology, and attracting talent with industries.

And we are seeing results. Hong Kong ranks third globally in "Technology" in the World Digital Competitiveness Ranking. The Shenzhen-Hong Kong-Guangzhou cluster ranks first in the 2025 Global Innovation Index Ranking of the World's Top 100 innovation clusters.

Our startup community has grown nearly fivefold in the past decade, producing homegrown unicorns.

This progress is no accident. It is built on Hong Kong's unique strengths. Under "one country, two systems", we enjoy unwavering national support and unparalleled global connectivity. Our robust rule of law, free-flowing capital and vibrant multicultural society make Hong Kong the perfect incubator for scientific exploration and technological breakthroughs.

To every scientist, researcher and innovator here today: Hong Kong is open for you. We provide the platform, the funding, the freedom and the connections to turn visionary ideas into reality.

We invite you to build your legacy here. To join us in shaping not just the future of Hong Kong, but the future of science for humanity.

On this note, let the dialogue begin. I look forward to the fruitful and inspirational exchanges. Thank you.

Source: AI-found images