Hong Kong's GNI rises 6.3% in Q4 2025, surpassing GDP by $93.3 billion.

Hong Kong's Gross National Income and external primary income flows for the fourth quarter of 2025 and the whole year of 2025

The Census and Statistics Department (C&SD) released today (March 17) the preliminary statistics on Hong Kong's Gross National Income (GNI) and related figures for the fourth quarter of 2025 and the whole year of 2025.

Hong Kong's GNI, which denotes the total income earned by Hong Kong residents from engaging in various economic activities, increased by 6.3% in the fourth quarter of 2025 over a year earlier to $975.3 billion at current market prices. The Gross Domestic Product (GDP), estimated at $882.1 billion at current market prices in the same quarter, recorded a 5.1% increase over a year earlier. The value of GNI was larger than GDP by $93.3 billion in the fourth quarter of 2025, which was equivalent to 10.6% of GDP in that quarter, mainly attributable to a net inflow of investment income.

After netting out the effect of price changes over the same period, Hong Kong's GNI increased by 5.1% in real terms in the fourth quarter of 2025 over a year earlier. The corresponding GDP in the same quarter increased by 3.8% in real terms.

Hong Kong's total inflow of primary income, which mainly comprises investment income, estimated at $523.5 billion in the fourth quarter of 2025 and equivalent to 59.3% of GDP in that quarter, recorded an increase of 6.0% over a year earlier. Meanwhile, total primary income outflow, estimated at $430.2 billion in the fourth quarter of 2025 and equivalent to 48.8% of GDP in that quarter, also increased by 3.5% over a year earlier.

As for the major components of investment income inflow, direct investment income (DII) increased by 2.6% over a year earlier, mainly due to the increase in earnings of some prominent local enterprises from their direct investment abroad. Portfolio investment income (PII) recorded a significant increase of 31.0% over a year earlier, mainly attributable to the increase in dividend income received by resident investors from their holdings of non-resident equity securities and the increase in interest income received by resident investors from their holdings of non-resident debt securities.

Regarding the major components of investment income outflow, DII increased by 4.0% over a year earlier, mainly due to the increase in earnings of some prominent multinational enterprises from their direct investment in Hong Kong. PII increased significantly by 26.0%, mainly attributable to the increase in interest payout to non-resident investors from their holdings of resident debt securities and the increase in dividend payout to non-resident investors from their holdings of resident equity securities.

Analysed by country/territory, the Chinese Mainland continued to be the largest source of Hong Kong's total primary income inflow in the fourth quarter of 2025, accounting for 46.6%. This was followed by the British Virgin Islands (BVI), with a share of 15.3%. Regarding total primary income outflow, the BVI and the Chinese Mainland remained the most important destinations in the fourth quarter of 2025, accounting for 25.7% and 25.0% respectively.

For 2025 as a whole, Hong Kong's GNI increased by 4.6% over a year earlier to $3,666.2 billion at current market prices. The difference of $334.4 billion from GDP for the same year (estimated at $3,331.8 billion) represented a net primary income inflow of the same amount and was equivalent to 10.0% of GDP in that year. The total primary income inflow was estimated at $2,245.4 billion, or 67.4% of GDP in 2025 while the corresponding outflow at $1,911.0 billion, or 57.4% of GDP in 2025. After netting out the effect of price changes, Hong Kong's GNI increased by 3.0% in real terms in 2025 over 2024.

Further Information

GDP and GNI are closely related indicators for measuring economic performance. GDP is a measure of the total value of production of all resident producing units of an economy. GNI denotes the total income earned by residents of an economy from engaging in various economic activities, irrespective of whether the economic activities are carried out within the economic territory of the economy or outside.

Figures of GNI and primary income flows analysed by income component from the first quarter of 2024 to the fourth quarter of 2025 are presented in Table A, while selected major country/territory breakdowns of primary income inflow and outflow for the same quarters are presented in Tables B(1) and B(2) respectively.

Statistics on GDP and GNI from 2024 onwards and primary income flows for 2025 are subject to revision when more data are incorporated.

More detailed statistics are given in the report "Gross National Income and External Primary Income Flows, Fourth Quarter 2025". Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1040005&scode=250).

For enquiries about GNI and related statistics, please contact the Balance of Payments Branch (2) of the C&SD (Tel: 3903 7054 or email: gni@censtatd.gov.hk).

Source: AI-found images

Volume and price statistics of external merchandise trade in January 2026

Further to the external merchandise trade statistics in value terms for January 2026 released earlier on, the Census and Statistics Department (C&SD) released today (March 17) the volume and price statistics of external merchandise trade for that month.

In January 2026, the volume of Hong Kong's total exports of goods and imports of goods increased by 29.5% and 33.9% respectively over January 2025. 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.

Comparing the three months ending January 2026 with the three months ending January 2025, the volume of Hong Kong's total exports of goods and imports of goods increased by 22.1% and 24.8% respectively.

Comparing the three-month period ending January 2026 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods and imports of goods increased by 7.8% and 9.2% 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 January 2026 with January 2025, the prices of total exports of goods and imports of goods increased by 3.3% and 3.1% 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 period in 2025, the index increased by 0.1% in January 2026.

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

Comparing January 2026 with January 2025, increases were recorded for the total export volume to Taiwan (78.8%), Chinese Mainland (the Mainland) (36.3%), Vietnam (29.8%) and the USA (19.0%). On the other hand, the total export volume to India decreased by 19.0%.

Over the same period of comparison, the total export prices to all main destinations increased: Taiwan (5.1%), India (3.7%), the Mainland (3.3%), the USA (2.9%) and Vietnam (1.0%).

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

Comparing January 2026 with January 2025, increases were recorded for the import volume from Vietnam (123.4%), Korea (59.0%), the Mainland (42.0%) and Singapore (40.0%). On the other hand, the import volume from Taiwan decreased by 0.7%.

Over the same period of comparison, the import prices from all main suppliers increased: Korea (8.5%), Taiwan (4.1%), the Mainland (3.2%), Singapore (2.4%) and Vietnam (0.4%).

Further information

Details of the above statistics are published in the January 2026 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: 3863 2599).

Source: AI-found images