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 Hong Kong’s export of goods rose in January by 33.8 per cent year on year to HK$520.6 billion (US$66.6 billion), while 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 a three-month period ending January picked up by 9.4 per cent compared with the preceding three-month period. The second trade war began after United States President Donald Trump took office in January last year and imposed a 10 per cent tariff on China in early February. 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. “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. “Meanwhile, the government will stay vigilant to the trade policy developments in the external environment.” The latest figures also showed 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 2026. In a statement last month, the department said 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 artificial intelligence-enabled products.