External merchandise trade statistics for March 2025
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In March 2025, the value of total exports of goods increased by 18.5% over a year earlier to $455.5 billion, after a year-on-year increase by 15.4% in February 2025. Concurrently, the value of imports of goods increased by 16.6% over a year earlier to $500.9 billion in March 2025, after a year-on-year increase by 11.8% in February 2025. A visible trade deficit of $45.4 billion, equivalent to 9.1% of the value of imports of goods, was recorded in March 2025.
For the first quarter of 2025 as a whole, the value of total exports of goods increased by 10.9% over the same period in 2024. Concurrently, the value of imports of goods increased by 9.8%. A visible trade deficit of $80.7 billion, equivalent to 6.4% of the value of imports of goods, was recorded in the first quarter of 2025.
Comparing the first quarter of 2025 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods increased by 12.7%. Meanwhile, the value of imports of goods increased by 9.9%.
Analysis by country/territory
Comparing March 2025 with March 2024, total exports to Asia as a whole grew by 22.4%. In this region, increases were registered in the values of total exports to some major destinations, in particular Taiwan (+61.3%), Malaysia (+57.3%), Vietnam (+41.3%), the Philippines (+34.5%) and the mainland of China (the Mainland) (+25.4%). On the other hand, a decrease was recorded in the value of total exports to Korea (-22.8%).
Apart from destinations in Asia, increases were registered in the values of total exports to some major destinations in other regions, in particular the United Kingdom (+48.5%) and the USA (+11.4%). On the other hand, a decrease was recorded in the value of total exports to the Netherlands (-29.0%).
Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Vietnam (+95.1%), Taiwan (+75.8%), the United Kingdom (+55.6%), Malaysia (+46.9%) and the Mainland (+7.4%). On the other hand, a decrease was recorded in the value of imports from Korea (-21.0%).
For the first quarter of 2025 as a whole, increases were registered in the values of total exports to some major destinations, in particular Vietnam (+69.1%), Taiwan (+40.6%) and the Mainland (+16.2%). On the other hand, decreases were recorded in the values of total exports to the United Arab Emirates (-36.9%) and India (-20.2%).
Over the same period of comparison, increases were registered in the values of imports from some major suppliers, in particular Vietnam (+68.9%), the United Kingdom (+57.4%), Taiwan (+53.9%), Malaysia (+47.6%) and the Mainland (+4.1%). On the other hand, a decrease was recorded in the value of imports from Korea (-23.6%).
Analysis by major commodity
Comparing March 2025 with March 2024, increases were registered in the values of total exports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $51.2 billion or +133.5%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $20.8 billion or +11.1%).
Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $44.4 billion or +130.8%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $22.2 billion or +11.5%).
For the first quarter of 2025 as a whole, increases were registered in the values of total exports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $86.7 billion or +82.6%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $43.3 billion or +8.6%). On the other hand, a decrease was registered in the value of total exports of "telecommunications and sound recording and reproducing apparatus and equipment" (by $12.1 billion or -9.0%).
Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular "office machines and automatic data processing machines" (by $74.8 billion or +91.1%) and "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $52.4 billion or +10.6%). On the other hand, a decrease was registered in the value of imports of "non-metallic mineral manufactures" (by $10.0 billion or -24.0%).
Commentary
A Government spokesman said that the value of merchandise exports grew sharply by 18.5% in March over a year earlier. Exports to the Mainland grew strongly, while those to other major Asian economies showed mixed performance. Exports to the United States increased visibly, and those to the European Union registered a marginal increase.
Looking ahead, global trade tensions have escalated abruptly due to the significant increases in tariffs by the United States in early April. This will pose challenges to Hong Kong's merchandise trade performance. Nevertheless, the steady growth in the Mainland economy, together with Hong Kong's proactive efforts in enhancing economic and trade ties with different markets, should help buttress trade performance. The Government has been providing support to enterprises through various measures in coping with the external challenges, and will monitor the situation closely.
Further information
Table 1 presents the analysis of external merchandise trade statistics for March 2025. Table 2 presents the original monthly trade statistics from January 2022 to March 2025, 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 2025 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 2025.
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 2025 will be released in mid-May 2025.
The March 2025 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in March 2025 and will be available in early May 2025. 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: 2582 4691).
Ends/Monday, April 28, 2025
Issued at HKT 16:30
Issued at HKT 16:30
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