Hong Kong's Merchandise Trade Volume Surges in December 2025 Compared to Previous Year

Volume and price statistics of external merchandise trade in December 2025

Further to the external merchandise trade statistics in value terms for December 2025 released earlier on, the Census and Statistics Department (C&SD) released today (February 12) the volume and price statistics of external merchandise trade for that month.

In December 2025, the volume of Hong Kong's total exports of goods and imports of goods increased by 21.6% and 26.5% respectively over December 2024.

Comparing 2025 with 2024, the volume of Hong Kong's total exports of goods and imports of goods increased by 12.8% and 12.9% respectively.

Comparing the fourth quarter of 2025 with the preceding quarter on a seasonally adjusted basis, the volume of total exports of goods and imports of goods increased by 4.9% and 6.7% respectively.

Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.

Comparing December 2025 with December 2024, the prices of total exports of goods and imports of goods increased by 3.7% and 3.4% respectively.

As regards price changes in 2025 over 2024, the prices of total exports of goods and imports of goods increased by 2.3% and 2.2% respectively.

Price changes in external merchandise trade are reflected by changes in unit value indices of external merchandise trade, which are compiled based on average unit values or, for certain commodities, specific price data.

The terms of trade index is derived from the ratio of price index of total exports of goods to that of imports of goods. Compared with the same periods in 2024, the index increased by 0.3% in December 2025, whereas it remained virtually unchanged in 2025 as a whole.

Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.

Comparing December 2025 with December 2024, increases were recorded for the total export volume to Taiwan (61.8%), the USA (44.6%), Vietnam (26.5%) and Chinese Mainland (the Mainland) (19.8%). On the other hand, the total export volume to India decreased by 9.9%.

Over the same period of comparison, the total export prices to all main destinations increased: Taiwan (6.6%), the Mainland (4.4%), India (3.5%), the USA (1.3%) and Vietnam (1.2%).

Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.

Comparing December 2025 with December 2024, increases were recorded for the import volume from all main suppliers: Vietnam (142.5%), the Mainland (31.7%), Taiwan (22.3%), Singapore (13.4%) and Korea (7.3%).

Over the same period of comparison, the import prices from all main suppliers increased: Taiwan (6.3%), Korea (6.1%), Singapore (4.1%), Vietnam (3.1%) and the Mainland (2.2%).

Further information

Details of the above statistics are published in the December 2025 issue of "Hong Kong Merchandise Trade Index Numbers". Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020006&scode=230).

Enquiries on merchandise trade indices may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4918).

Source: AI-found images

Year-end Population for 2025

According to the statistics released by the Census and Statistics Department today (February 12), the provisional estimate of the Hong Kong population was 7 510 800 at end-2025, representing an increase of 10 200 or 0.1% from 7 500 600 at end-2024.

A net inflow of 29 100 Hong Kong residents (i.e. inflow more than outflow) was recorded during the period from end-2024 to end-2025. Over the same period, a natural decrease (i.e. deaths surpassing births) of 18 900 was recorded, with 31 100 births and 50 000 deaths.

Among the total population at end-2025, 7 242 400 were Usual Residents and 268 400 were Mobile Residents. The revised figure for the mid-year population for 2025 was 7 498 900. The number of Usual Residents was revised to 7 232 900 and the number of Mobile Residents to 266 000. The rate of change in population from mid-2024 to mid-2025 was also revised to -0.3%.

Table 1 presents estimated total population as at end-2025, while Table 2 presents population figures from mid-2014 to end-2025.

Commentary

A government spokesperson said that the overall population in end-2025 increased as compared to end-2024, benefiting from various measures on talent attraction and labour importation that brought people into Hong Kong from other places around the world to offset the impact of natural population decrease.

Further information

"Usual Residents" refer to two categories of people: (1) Hong Kong Permanent Residents who have stayed in Hong Kong for at least three months during the six months before or for at least three months during the six months after the reference time-point, regardless of whether they are in Hong Kong or not at the reference time-point; and (2) Hong Kong Non-permanent Residents who are in Hong Kong at the reference time-point.

For those Hong Kong Permanent Residents who are not "Usual Residents", they are classified as "Mobile Residents" if they have stayed in Hong Kong for at least one month but less than three months during the six months before or for at least one month but less than three months during the six months after the reference time-point, regardless of whether they are in Hong Kong or not at the reference time-point.

Under the current practice, the latest population estimate is released on a provisional basis in each round. The revised estimate will be released six months later. In other words, while the provisional population estimate for end-2025 is released today, the corresponding revised estimate will be released in August 2026.