<p>[香港] 香港的贸易逆差达到至少 74 年来的最高水平，进口激增，这可能是中东战争造成的干扰和全球人工智能投资热潮的溢出效应，推动了对科技产品的需求。</p>
<p>本周政府数据显示，3 月份出口和进口大幅增长，进口比 2025 年同期增长超过 41%，是三十多年来的最大增幅。这导致逆差达到 891 亿港元（145 亿新元），是自 1952 年香港成为英国殖民地以来的最高水平。</p>
<p>作为转运中心，香港是许多货物通往中国大陆的门户，3 月份大陆高科技产品的进口激增，因为企业在囤积半导体和其他供应品。香港几乎所有的能源都依赖进口，并依靠化石燃料发电，使其在伊朗战争引发的油价冲击中变得脆弱。</p>
<p>彭博社经济学家 Eric Zhu 表示：“人工智能热潮和与战争相关的囤积正在推动进口。价格上涨也可能在价值上抬高进口数据，因为人工智能芯片、内存芯片和大宗商品的成本在最近几个月持续上升。”</p>
<p>随着投资者向人工智能基础设施和数据中心投入数千亿美元，芯片价格的飙升导致亚洲的出口增长迅猛。</p>
<p>这一消费热潮也推动了中国的贸易，中国去年是全球最大的人工智能相关商品供应国。台湾和韩国是中国大部分人工智能相关进口的来源国，最近几个月均报告对邻国的出口激增。</p>
<p>大陆是香港最大的贸易伙伴，去年占香港商品贸易的一半以上。2026 年，来自中国的进口和出口分别增长了 42% 和 35%。</p>
<p>3 月份，进口总额达到 7075 亿港元，约占香港整个国内生产总值的五分之一。出口激增至 6184 亿港元，增长近 36%，对美国的货物运输增长了 81%，根据香港政府周二发布的数据。</p>
<p>3 月份进口和出口的增长数据是彭博社调查的经济学家预测的增速的两倍多。</p>
<p>彭博经济学的 Zhu 表示，香港的贸易激增 “并不令人惊讶”，因为它购买的许多外国商品都是再出口到中国和其他亚洲地区的。</p>
<p>根据政府数据，电气机械及其零部件的进口价值同比增长 50%，而电信设备则增长了 93%。</p>
<p>石油及相关产品的采购价值同比激增 81%，而有色金属则飙升了 404%。</p>
<p>大新金融集团首席经济学家兼策略师 Gary Wan 表示，中东到亚洲的贸易流重新调整，加上企业主动囤积以应对成本上升，是香港出口和进口急剧扩张的主要驱动因素。</p>
<p>标准普尔全球公司对 3 月份的采购经理调查显示，香港企业库存大幅增加，采购活动以三年来最快的速度增长。一些参与者将其采购更多原材料与供应商预期的价格上涨联系在一起，标准普尔全球公司表示。</p>
<p>香港政府发言人在一份声明中警告称，中东的紧张局势和能源成本上升对 “近期全球经济前景构成下行风险，可能会扰乱全球贸易流和供应链。” 彭博社</p>

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<p>香港报告了 74 年来最大的贸易赤字，达到 891 亿港元，原因是进口激增 41%，这是三十多年来的最高增幅。这一激增归因于中东冲突和全球人工智能投资热潮推动了对科技产品的需求。从中国的进口显著增加，电气机械和石油产品的增幅尤为明显。经济学家警告称，持续的紧张局势和不断上升的能源成本可能对全球经济前景和贸易流动构成风险</p>

<p>[HONG KONG] Hong Kong ran its widest trade deficit in at least 74 years as imports surged, a likely spillover from the disruptions caused by the war in the Middle East and a global investment boom in artificial intelligence that’s driving demand for tech products.</p>
<div class="lb-trans"><p>[香港] 香港的贸易逆差达到至少 74 年来的最高水平，进口激增，这可能是中东战争造成的干扰和全球人工智能投资热潮的溢出效应，推动了对科技产品的需求。</p>
</div><p>Government data this week showed a surge in exports and purchases from abroad in March, with imports up more than 41 per cent from the same period in 2025 – their biggest increase in over three decades. That left a deficit of HK$89.1 billion (S$14.5 billion), the highest in records dating back to 1952,when Hong Kong was a British colony.</p>
<div class="lb-trans"><p>本周政府数据显示，3 月份出口和进口大幅增长，进口比 2025 年同期增长超过 41%，是三十多年来的最大增幅。这导致逆差达到 891 亿港元（145 亿新元），是自 1952 年香港成为英国殖民地以来的最高水平。</p>
</div><p>The transhipment hub is a gateway for many goods headed to mainland China, which saw a surge in imports of high-tech products in March as companies stockpiled semiconductors and other supplies. Hong Kong also imports nearly all of its energy and relies on fossil fuels for power generation, making it vulnerable to the oil shock triggered by the Iran war.</p>
<div class="lb-trans"><p>作为转运中心，香港是许多货物通往中国大陆的门户，3 月份大陆高科技产品的进口激增，因为企业在囤积半导体和其他供应品。香港几乎所有的能源都依赖进口，并依靠化石燃料发电，使其在伊朗战争引发的油价冲击中变得脆弱。</p>
</div><p>“The AI boom and war-related stockpiling are boosting imports,” said Bloomberg economist Eric Zhu. “The price rally may also inflate import figures in value terms, as costs of AI chips, memory chips and commodities have kept rising in recent months.”</p>
<div class="lb-trans"><p>彭博社经济学家 Eric Zhu 表示：“人工智能热潮和与战争相关的囤积正在推动进口。价格上涨也可能在价值上抬高进口数据，因为人工智能芯片、内存芯片和大宗商品的成本在最近几个月持续上升。”</p>
</div><p>As investors pour hundreds of billions of dollars into AI infrastructure and building data centres, a spike in chip prices is leading to explosive export growth across Asia.</p>
<div class="lb-trans"><p>随着投资者向人工智能基础设施和数据中心投入数千亿美元，芯片价格的飙升导致亚洲的出口增长迅猛。</p>
</div><p>The spending bonanza is also propelling trade in China, which was the world’s largest supplier of AI-related goods last year. Taiwan and South Korea, where China sources most of its AI-related imports, both reported surging exports to their neighbour in recent months.</p>
<div class="lb-trans"><p>这一消费热潮也推动了中国的贸易，中国去年是全球最大的人工智能相关商品供应国。台湾和韩国是中国大部分人工智能相关进口的来源国，最近几个月均报告对邻国的出口激增。</p>
</div><p>The mainland is Hong Kong’s largest trading partner, accounting for more than half of the city’s merchandise trade last year. Volumes swelled further in 2026, with imports from and exports to China jumping 42 per cent and 35 per cent, respectively compared with the first quarter last year.</p>
<div class="lb-trans"><p>大陆是香港最大的贸易伙伴，去年占香港商品贸易的一半以上。2026 年，来自中国的进口和出口分别增长了 42% 和 35%。</p>
</div><p>In total, imports reached HK$707.5 billion in March, roughly equivalent to a fifth of Hong Kong’s entire gross domestic product. Exports shot up to HK$618.4 billion, a jump of almost 36 per cent, with shipments to the US growing 81 per cent, according to figures published by the Hong Kong government on Tuesday.</p>
<div class="lb-trans"><p>3 月份，进口总额达到 7075 亿港元，约占香港整个国内生产总值的五分之一。出口激增至 6184 亿港元，增长近 36%，对美国的货物运输增长了 81%，根据香港政府周二发布的数据。</p>
</div><p>The figures for growth in imports and exports in March were more than double the pace predicted by economists surveyed by Bloomberg.</p>
<div class="lb-trans"><p>3 月份进口和出口的增长数据是彭博社调查的经济学家预测的增速的两倍多。</p>
</div><p>The surge in trade is “not surprising” for Hong Kong given many of the foreign goods it buys are re-exported to China and other parts of Asia, said Zhu of Bloomberg Economics.</p>
<div class="lb-trans"><p>彭博经济学的 Zhu 表示，香港的贸易激增 “并不令人惊讶”，因为它购买的许多外国商品都是再出口到中国和其他亚洲地区的。</p>
</div><p>The value of imports of electrical machinery and parts rose 50 per cent on year, while telecommunications equipment rose 93 per cent, according to government data.</p>
<div class="lb-trans"><p>根据政府数据，电气机械及其零部件的进口价值同比增长 50%，而电信设备则增长了 93%。</p>
</div><p>Purchases of petroleum and related products jumped 81 per cent in value terms from a year earlier, while non-ferrous metals saw a 404 per cent surge.</p>
<div class="lb-trans"><p>石油及相关产品的采购价值同比激增 81%，而有色金属则飙升了 404%。</p>
</div><p>Gary Wan, principal economist and strategist at Dah Sing Financial Group, said a re-routing of trade flows from the Middle East to Asia, along with proactive stockpiling by firms to mitigate higher costs, are the main drivers behind the sharp expansion in Hong Kong’s exports and imports.</p>
<div class="lb-trans"><p>大新金融集团首席经济学家兼策略师 Gary Wan 表示，中东到亚洲的贸易流重新调整，加上企业主动囤积以应对成本上升，是香港出口和进口急剧扩张的主要驱动因素。</p>
</div><p>A survey of purchasing managers by S&amp;P Global for March showed a major build-up of inventories by firms in Hong Kong, with purchasing activity rising at the fastest pace in over three years. Some participants linked their buying of more inputs with anticipated price hikes by suppliers, according to S&amp;P Global.</p>
<div class="lb-trans"><p>标准普尔全球公司对 3 月份的采购经理调查显示，香港企业库存大幅增加，采购活动以三年来最快的速度增长。一些参与者将其采购更多原材料与供应商预期的价格上涨联系在一起，标准普尔全球公司表示。</p>
</div><p>A Hong Kong government spokesperson warned in a statement that tensions in the Middle East and higher energy costs pose “downside risk to the near-term global economic outlook, with potential disruptions to global trade flows and supply chains.” BLOOMBERG</p>
<div class="lb-trans"><p>香港政府发言人在一份声明中警告称，中东的紧张局势和能源成本上升对 “近期全球经济前景构成下行风险，可能会扰乱全球贸易流和供应链。” 彭博社</p>
</div>

Hong Kong has widest trade deficit since 1952

- 香港贸易逆差达 891 亿港元，创 74 年最高水平。   
- 3 月份进口激增超过 41%，受中东战争和 AI 投资影响。  
- 企业囤积半导体等产品，加剧交易波动和供应链风险。

香港出现自 1952 年以来最大的贸易逆差