Hong Kong's Merchandise Trade Sees Significant Year-on-Year Increases in January 2026

External merchandise trade statistics for January 2026

The Census and Statistics Department (C&SD) released today (February 27) the external merchandise trade statistics for January 2026. In January 2026, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 33.8% and 38.1% 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.

In January 2026, the value of total exports of goods increased by 33.8% over a year earlier to $520.6billion, after a year-on-year increase by 26.1% in December2025. Concurrently, the value of imports of goods increased by 38.1% over a year earlier to $534.7billion in January 2026, after a year-on-year increase by 30.6% in December2025. A visible trade deficit of $14.1billion, equivalent to 2.6% of the value of imports of goods, was recorded in January 2026.

Comparing the three-month period ending January 2026 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 9.4%. Meanwhile, the value of imports of goods increased by 10.9%.

Analysis by country/territory

Comparing January 2026 with January 2025, total exports to Asia as a whole grew by 37.3%. In this region, increases were registered in the values of total exports to some major destinations, in particular Taiwan (+88.8%), Malaysia (+81.1%), Chinese Mainland (the Mainland) (+40.6%), Singapore (+32.4%), Thailand (+31.1%) and Vietnam (+31.0%).

Apart from destinations in Asia, increases were registered in the values of total exports to most major destinations in other regions, in particular Switzerland (+105.1%), the Netherlands (+39.5%) and the USA (+23.3%).

Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Vietnam (+129.8%), India (+125.1%), Korea (+75.0%), the Mainland (+46.6%) and Singapore (+42.8%).

Comparing the three months ending January 2026 with the same period in 2025, increases were registered in the values of total exports to most major destinations, in particular Malaysia (+96.3%), Taiwan (+70.2%), the United Arab Emirates (+66.4%), Thailand (+47.5%) and the Mainland (+26.8%).

Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Vietnam (+133.6%), India (+81.2%), the Mainland (+34.7%), the United Kingdom (+31.1%) and Korea (+22.3%).

Analysis by major commodity

Comparing January 2026 with January 2025, increases were registered in the values of total exports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $71.6billion or +39.4%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $24.2billion or +51.9%).

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 $76.2billion or +44.8%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $34.2 billion or +80.0%).

Comparing the three months ending January 2026 with the same period in 2025, increases were registered in the values of total exports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $163.7billion or +28.4%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $61.7billion or +45.2%).

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 $168.4billion or +29.1%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $80.7billion or +57.2%).

Commentary

A Government spokesman said that the value of merchandise exports posted a sharp rise in January, surging by 33.8% over a year earlier. Exports to most markets and of most major commodities increased visibly. While the low base of comparison last year amid the early arrival of Chinese New Year contributed to the strong year-on-year rise, the underlying growth momentum remained robust. On a seasonally adjusted basis, the value of merchandise exports in the three-month period ending January picked up to increase by 9.4% over the preceding three-month period.

Looking ahead, Hong Kong's merchandise trade performance will be underpinned by the sustained moderate expansion of the global economy and strong global demand for AI-related electronic products. Meanwhile, the Government will stay vigilant to the trade policy developments in the external environment.

Further information

Table1 presents the analysis of external merchandise trade statistics for January 2026. Table2 presents the original monthly trade statistics from January2023 to January 2026, and Table3 gives the seasonally adjusted series for the same period.

The values of total exports of goods to 10 main destinations for January 2026 are shown in Table4, whereas the values of imports of goods from 10 main suppliers are given in Table5.

Tables6 and 7 show the values of total exports and imports of 10 principal commodity divisions for January 2026.

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 January 2026 will be released in mid-March2026.

The January 2026 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in January 2026 and will be available in early March 2026. 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).

Source: AI-found images

CE meets Secretary of CPC Zhuhai Municipal Committee

The Chief Executive, Mr John Lee, met the Secretary of the CPC Zhuhai Municipal Committee and Secretary of the Hengqin Working Committee of the CPC Guangdong Provincial Committee, Mr Chen Yong, today (February 27) to exchange views on strengthening co-operation between Hong Kong and Zhuhai.

Mr Lee welcomed Mr Chen and his delegation on their visit to Hong Kong. Mr Lee said that since the commissioning of the Hong Kong-Zhuhai-Macao Bridge (HZMB), Zhuhai has become the only Mainland city connected by land to both Hong Kong and Macao. The successive implementation of the Northbound Travel for Hong Kong Vehicles and Southbound Travel for Guangdong Vehicles schemes has deepened the two-way flow of people between Guangdong and Hong Kong, further facilitating the flow of people and goods within the Guangdong-Hong Kong-Macao Greater Bay Area (GBA). As a core city of the GBA, Hong Kong will continue to work closely with Zhuhai to further harness the opportunities presented by the HZMB to develop Hong Kong and Zhuhai into one of the GBA's main gateways for the import and export of goods, promoting high-quality development in the GBA.

Mr Lee said that Hong Kong International Airport and Zhuhai Airport have been closely co-operating with remarkable results. Through enhancing the "Fly-Via-Zhuhai-Hong Kong" direct passenger service and jointly developing the international air-cargo business, the two places have further enhanced the competitiveness of both airports and reinforced their combined advantages to bring about the synergy effect of "one plus one is greater than two". This serves as a testament to the complementarity and mutual benefits achieved between Hong Kong and Zhuhai. Hong Kong will continue to leverage its dual advantage of having national and global opportunities, and further strengthen collaboration between the two airports, jointly contributing to the development of a world-class airport cluster in the GBA.

Mr Lee said that Hong Kong and Zhuhai are linked by geographical ties and share the same roots, with frequent exchanges in areas such as trade, investment, transport and aviation. The Hong Kong Special Administrative Region Government will proactively align with the National 15th Five-Year Plan to better integrate into and serve the country's overall development and fulfil the role of "bringing in and going global". He encouraged Zhuhai enterprises to make good use of Hong Kong as a springboard to explore overseas markets, pursue development together, and jointly seize the opportunities arising from national development.

CE meets Secretary of CPC Zhuhai Municipal Committee Source: HKSAR Government Press Releases