Vetting Committee supports another application under New Industrialisation Acceleration Scheme
The Innovation and Technology Commission announced today (April 28) that the New Industrialisation Vetting Committee (the Vetting Committee) under the Innovation and Technology Fund has supported in principle an application under the New Industrialisation Acceleration Scheme (NIAS) submitted by Hiharbor Tech HK Limited, a subsidiary of Xiamen Hithium Energy Storage Technology Co., Ltd. The project plan is to set up a production line in the Hong Kong-Shenzhen Innovation and Technology Park producing high-capacity energy storage batteries under the advanced manufacturing technology sector. The estimated total investment amount is over $200 million, and the expected NIAS funding amount will be around $80 million.
The Secretary for Innovation, Technology and Industry, Professor Sun Dong, said, "We are pleased to see the application of Hiharbor Tech HK Limited under the NIAS being supported by the Vetting Committee, which fully reflects the Government's support for enterprises in developing advanced manufacturing industries in Hong Kong. It is the first project supported by the Vetting Committee with a total project cost of less than $300 million since the NIAS application threshold was relaxed in November last year, indicating the effectiveness of the enhancement measures in helping enterprises to develop innovation and technology industries. Moreover, it is also the first time that an enterprise in the Hong Kong Park of the Hetao Shenzhen-Hong Kong Science and Technology Innovation Co-operation Zone will set up pilot and smart production lines through funding under the NIAS. With the gradual release of land resources in areas such as the Northern Metropolis and the Hetao Co-operation Zone, more industrial land will be provided. The Government will continue to promote new industrialisation and accelerate the development of new productive forces in Hong Kong, thereby enabling the city to integrate into our country's overall planning of new industrialisation."
The NIAS provides funding support on a 1 (Government): 2(enterprise) matching basis for enterprises engaging in industries of strategic importance (i.e. life and health technology, AI and data science, advanced manufacturing and new energy technologies) and contributing no less than $100 million to set up new smart production facilities in Hong Kong. Each enterprise can receive up to $200 million of funding under the NIAS. In addition, the Government also provides additional funding for relevant enterprises to engage research talent and/or technical personnel.
The NIAS is open for applications throughout the year. Details are available on the website of the Innovation and Technology Fund (www.itf.gov.hk). For enquiries, please contact the Secretariat of the scheme (Tel: 3543 5904; email: enquiry@itf.gov.hk).
Source: AI-found images
External merchandise trade statistics for March 2026
The Census and Statistics Department (C&SD) released today (April 28) the external merchandise trade statistics for March 2026. In March 2026, the values of Hong Kong’s total exports and imports of goods both recorded year-on-year increases, at 35.8% and 41.2% respectively.
In March 2026, the value of total exports of goods increased by 35.8% over a year earlier to $618.4 billion, after a year-on-year increase by 24.7% in February 2026. Concurrently, the value of imports of goods increased by 41.2% over a year earlier to $707.5 billion in March 2026, after a year-on-year increase by 29.9% in February 2026. A visible trade deficit of $89.1 billion, equivalent to 12.6% of the value of imports of goods, was recorded in March 2026.
For the first quarter of 2026 as a whole, the value of total exports of goods increased by 32.0% over the same period in 2025. Concurrently, the value of imports of goods increased by 37.0%. A visible trade deficit of $168.4 billion, equivalent to 9.8% of the value of imports of goods, was recorded in the first quarter of 2026.
Comparing the first quarter of 2026 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods increased by 18.4%. Meanwhile, the value of imports of goods increased by 20.0%.
Analysis by country/territory
Comparing March 2026 with March 2025, total exports to Asia as a whole grew by 37.8%. In this region, increases were registered in the values of total exports to most major destinations, in particular Singapore (+125.0%), Malaysia (+62.3%), Thailand (+61.7%), Taiwan (+50.9%) and Chinese Mainland (the Mainland) (+39.5%).
Apart from destinations in Asia, increases were registered in the values of total exports to some major destinations in other regions, in particular the USA (+80.8%) and the Netherlands (+37.1%). Meanwhile, a decrease was recorded in the value of total exports to the United Kingdom (-29.1%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular the United Kingdom (+118.5%), Korea (+112.2%), India (+88.1%), Vietnam (+85.7%), the USA (+66.0%) and the Mainland (+48.8%).
Comparing the first quarter of 2026 with the same period in 2025, increases were registered in the values of total exports to most major destinations, in particular Malaysia (+81.1%), Singapore (+71.2%), Taiwan (+56.5%), the USA (+47.5%) and the Mainland (+34.9%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular the United Kingdom (+128.2%), India (+112.2%), Korea (+100.8%), Vietnam (+93.4%) and the Mainland (+42.3%).
Analysis by major commodity
Comparing March 2026 with March 2025, 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 $99.8 billion or +47.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $40.2 billion or +94.7%) and "non-ferrous metals" (by $10.2 billion or +175.9%).
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 $106.2 billion or +49.5%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $45.3 billion or +93.0%) and "non-ferrous metals" (by $30.4 billion or +403.6%).
Comparing the first quarter of 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 $220.3 billion or +40.2%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $78.3 billion or +63.8%) and "non-ferrous metals" (by $24.8 billion or +169.1%).
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 $231.3 billion or +42.4%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $103.2 billion or +81.6%) and "non-ferrous metals" (by $62.3 billion or +340.7%).
Commentary
A Government spokesman said that merchandise exports continued to stage a strong performance in March. The value of merchandise exports grew by 35.8% over a year earlier on the back of strong global demand for AI-related electronic products. Exports to most markets and of most major commodities sustained strong growth.
Looking ahead, the heightened geopolitical tensions in the Middle East have led to an upsurge in international energy prices, posing downside risk to the near-term global economic outlook, with potential disruptions to global trade flows and supply chains. Nonetheless, global demand for AI-related electronic products remains robust and should provide staunch support to the performance of Hong Kong’s merchandise exports. The Government will continue to monitor the evolving external environment closely and stay vigilant.
Further information
Table 1 presents the analysis of external merchandise trade statistics for March 2026. Table 2 presents the original monthly trade statistics from January 2023 to March 2026, 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 2026 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 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 March 2026 will be released in mid-May 2026.
The March 2026 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong’s external merchandise trade in March 2026 and will be available in early May 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: 3863 2592).
Source: AI-found images
