Hong Kong exports surge 33.8% in January thanks to rebound from 2025’s low base

Hong Kong’s exports surged by more than 30 per cent in the first month of 2026, thanks to a rebound from last year’s low base after US-China trade war fears eased. According to the Census and Statistics Department, the total value of exports of goods rose by 33.8 per cent year on year in January to HK$520.6 billion (US$66.6 billion). The value of imports surged by 38.1 per cent to HK$534.7 billion. “Exports to most markets and of most major commodities increased visibly,” a government spokesman said on Friday. “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.” He added that on a seasonally adjusted basis, the value of merchandise exports in the three-month period ending January picked up by 9.4 per cent compared with 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,” the spokesman said. He said the government would remain vigilant regarding trade policy developments externally. Lee Shu-kam, head of the department of economics and finance at Hong Kong Shue Yan University, said the significant increases in both exports and imports could reflect improvements in re-exports, and that as the economy recovered, businesses were replenishing inventories that had run low. But he noted that the unpredictability of the United States’ trade policy remained a primary concern for the commercial sector. “The US administration is fighting lawsuits in court and then immediately raising taxes if they lose a case,” Lee said. “For people doing business, the most frightening thing is uncertainty.” After the US Supreme Court struck down US President Donald Trump’s sweeping import taxes, he doubled down on his new tariffs with his cabinet reportedly crafting strategies to ensure his government retains the revenue. Kennedy Wong Ying-ho, honorary president of the Hong Kong Chinese Importers’ and Exporters’ Association, attributed part of the rise to the timing of Chinese New Year, which fell in February and could have led to a “rushing of shipments due to tariff concerns”, allowing for a full month of production in January. Wong expressed hope for a “stage-based agreement” or a truce to stabilise trade policies during Trump’s coming visit to China, but argued that uncertainties remained considering the sluggish global environment. “Global economic growth is only a few per cent,” he said. “When export growth disconnects from that, you know it is unsustainable. We might see a significant adjustment in February.” The trade landscape faces a pivotal moment as Trump is set to travel to Beijing from March 31 to April 2 for talks with President Xi Jinping. This will be Trump’s first visit to China since taking office for a second time. The second trade war began after Trump took office in January last year and imposed a 10 per cent tariff on China in early February. Tensions escalated quickly last year, with the White House imposing triple-digit “retaliatory” levies on Chinese goods and Beijing mounting a sweeping boycott of US agricultural products. The two nations struck what the White House called a “historic” agreement in November. Trade tensions between the world’s two largest economies subsequently appeared to de-escalate. Lawmaker Tommy Chung Ki-fung, who represents the import and export sector, said the market had largely digested the effects of the trade war, arguing that the surge was partly driven by mainland Chinese demand for artificial intelligence (AI) and high-tech products. He said he expected growth to be maintained in the first quarter at more than 30 per cent over the same period last year. However, Chung warned of a new “hidden danger” – the potential passage of the “Sanctioning Russia Act of 2025” in the US, which has bipartisan support. “If the US uses this act to impose punitive tariffs on our country for having trading relationships with Russia, it will be another difficult problem for our imports and exports,” Chung said. The latest government figures also showed that a trade deficit of HK$14.1 billion – equivalent to 2.6 per cent of the value of imports of goods – was recorded in January. The department said last month that Hong Kong’s exports in 2025 rose by 15.4 per cent year on year to a “historical high”. It added that authorities expected the city’s trade would continue to be supported by sustained global economic growth, improved ties with new markets and strong demand for AI-enabled products.

Hong Kong exports surge 33.8% in January thanks to rebound from 2025’s low base

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Value of Hong Kong’s exports of goods rose in January to HK$520.6 billion

Value of Hong Kong’s exports of goods rose in January to HK$520.6 billion