Figures on external merchandise trade released by the Census and Statistics Department of the Hong Kong Special Administrative Region on 25 August show that both Hong Kong’s total merchandise export and import values recorded year-on-year growth in July 2026, rising by 50.7% and 41.0% respectively.

Following a 53.4% year-on-year increase in June 2026, the total merchandise export value stood at HK$672.5 billion in July 2026, representing a 50.7% rise over the same month in 2025. Meanwhile, after growing 45.4% year-on-year in June 2026, the merchandise import value reached HK$677.4 billion in July 2026, up 41.0% from July 2025. A visible trade deficit of HK$4.9 billion was registered in July 2026, equivalent to 0.7% of the merchandise import value.

For the first seven months of 2026, total merchandise export value climbed 40.9% compared with the same period in 2025, while merchandise import value rose by 40.6%. The visible trade deficit for January-July 2026 amounted to HK$299.4 billion, accounting for 6.8% of the merchandise import value.

Seasonally adjusted data indicated that total merchandise export value increased by 8.4% in the three months ending July 2026 compared with the preceding three-month period, and merchandise import value edged up 2.3%.

Analysis by Country / Territory

Comparing July 2026 with July 2025, total export value to Asia grew by 54.6%. Within the region, exports to most major destinations saw increases, notably Taiwan (up 95.7%), Vietnam (up 77.7%), Thailand (up 63.1%), the Chinese Mainland (up 56.5%), Singapore (up 46.5%) and Malaysia (up 41.5%).

Outside Asia, exports to most key overseas markets also registered growth, led by the United States (up 92.9%) and Mexico (up 48.9%).

Over the same month, import values from most major supply sources rose sharply, with South Korea (up 146.6%), India (up 110.7%), the United Kingdom (up 106.3%), Malaysia (up 66.7%), the United States (up 62.6%) and the Chinese Mainland (up 37.1%) posting the steepest gains.

For the first seven months of 2026 versus the same period in 2025, exports to nearly all major markets expanded, with Singapore (up 82.6%), Taiwan (up 73.4%), the United States (up 63.2%), Thailand (up 55.6%), Vietnam (up 50.4%) and the Chinese Mainland (up 44.6%) delivering strong growth.

Imports from most principal suppliers also rose markedly in the January-July period, including South Korea (up 122.2%), India (up 105.7%), the United Kingdom (up 88.3%), Vietnam (up 72.0%), Malaysia (up 45.9%) and the Chinese Mainland (up 43.2%).

Analysis by Major Commodity Category

In July 2026 relative to July 2025, export values of most principal commodity categories went up. Outstanding growth was recorded in “Electrical machinery, apparatus and appliances, and electrical parts thereof” (HK$121.6 billion increase, +54.0%) and “Office machines and automatic data processing equipment” (HK$54.3 billion increase, +106.5%).

Imports of most major commodity groups also expanded month-on-month, driven by “Electrical machinery, apparatus and appliances, and electrical parts thereof” (HK$104.0 billion increase, +47.1%), “Office machines and automatic data processing equipment” (HK$33.9 billion increase, +78.9%) and “Non-ferrous metals” (HK$22.7 billion increase, +242.5%).

For the first seven months of 2026 against the same period in 2025, exports of core commodity categories all registered gains. Top performers included “Electrical machinery, apparatus and appliances, and electrical parts thereof” (HK$682.9 billion increase, +48.8%), “Telecommunications and sound recording and reproducing apparatus and equipment” (HK$179.5 billion increase, +54.3%) and “Office machines and automatic data processing equipment” (HK$176.9 billion increase, +42.7%).

Correspondingly, imports of key commodities surged in the seven-month period: “Electrical machinery, apparatus and appliances, and electrical parts thereof” (HK$661.0 billion increase, +47.0%), “Telecommunications and sound recording and reproducing apparatus and equipment” (HK$219.1 billion increase, +62.2%) and “Non-ferrous metals” (HK$115.7 billion increase, +205.2%).

Comments

A Government spokesperson said merchandise exports surged further in July, rising 50.7% year-on-year, with exports of AI-related electronic products logging another remarkable expansion. Shipments to most major markets maintained substantial growth.

Looking ahead, robust global demand for AI electronics is expected to continue underpinning Hong Kong’s merchandise trade performance. Nevertheless, downside risks persist. Heightened geopolitical tensions in the Middle East, trade protectionism in advanced economies, and risks stemming from the rapid global expansion of AI investment all warrant close monitoring.

Source: Census and Statistics Department, Hong Kong Special Administrative Region