External merchandise trade statistics for July 2025
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In July 2025, the value of total exports of goods increased by 14.3% over a year earlier to $446.3 billion, after a year-on-year increase by 11.9% in June 2025. Concurrently, the value of imports of goods increased by 16.5% over a year earlier to $480.4 billion in July 2025, after a year-on-year increase by 11.1% in June 2025. A visible trade deficit of $34.1 billion, equivalent to 7.1% of the value of imports of goods, was recorded in July 2025.
For the first seven months of 2025 as a whole, the value of total exports of goods increased by 12.7% over the same period in 2024. Concurrently, the value of imports of goods increased by 13.2%. A visible trade deficit of $218.6 billion, equivalent to 7.0% of the value of imports of goods, was recorded in the first seven months of 2025.
Comparing the three-month period ending July 2025 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods remained virtually unchanged. Meanwhile, the value of imports of goods increased by 2.2%.
Analysis by country/territory
Comparing July 2025 with July 2024, total exports to Asia as a whole grew by 19.3%. In this region, increases were registered in the values of total exports to most major destinations, in particular Taiwan (+91.9%), Malaysia (+80.7%), Singapore (+42.5%), Vietnam (+42.1%), the Philippines (+16.5%) and the mainland of China (the Mainland) (+16.1%).
Apart from destinations in Asia, decreases were registered in the values of total exports to some major destinations in other regions, in particular the Netherlands (-42.1%) and the USA (-7.6%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Vietnam (+129.3%), Thailand (+33.1%), Singapore (+28.7%), the United Kingdom (+24.8%), Japan (+22.3%) and the Mainland (+16.3%). On the other hand, a decrease was recorded in the value of imports from the USA (-8.8%).
For the first seven months of 2025 as a whole, increases were registered in the values of total exports to some major destinations, in particular Vietnam (+52.4%), Malaysia (+41.4%), Taiwan (+40.7%), the Mainland (+17.7%) and Japan (+14.8%). On the other hand, a decrease was recorded in the value of total exports to the United Arab Emirates (-20.1%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Vietnam (+81.2%), the United Kingdom (+48.5%), Taiwan (+34.4%), Malaysia (+22.4%) and the Mainland (+11.7%). On the other hand, a decrease was recorded in the value of imports from Korea (-18.3%).
Analysis by major commodity
Comparing July 2025 with July 2024, increases were registered in the values of total exports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $41.9 billion or +22.8%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $14.9 billion or +32.0%).
Over the same period of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $39.6 billion or +21.9%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $22.2 billion or +49.8%).
For the first seven months of 2025 as a whole, increases were registered in the values of total exports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $180.6 billion or +14.8%) and "office machines and automatic data processing machines" (by $127.4 billion or +44.4%).
Over the same period of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $190.9 billion or +15.7%) and "office machines and automatic data processing machines" (by $120.3 billion or +53.1%).
Commentary
A Government spokesman said that merchandise exports performance held up well in July. The value of merchandise exports grew visibly further by 14.3% over a year earlier. Exports to the Mainland and a majority of other Asian markets grew notably further, while those to the United States and the European Union continued to fall.
Looking ahead, steady economic growth in Asia, in particular the Mainland, as well as Hong Kong's enhanced economic and trade ties with different markets, should continue to provide support to Hong Kong's merchandise trade performance. Yet, the United States' elevated tariff rates and lingering uncertainty surrounding its tariff policy may begin to weigh on international trade flows in the near term. The Government will continue to monitor the situation closely and stay vigilant.
Further information
Table 1 presents the analysis of external merchandise trade statistics for July 2025. Table 2 presents the original monthly trade statistics from January 2022 to July 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 July 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 July 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 July 2025 will be released in mid-September 2025.
The July 2025 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in July 2025 and will be available in early September 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/Tuesday, August 26, 2025
Issued at HKT 16:30
Issued at HKT 16:30
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