External merchandise trade statistics for December 2025
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In December 2025, the value of total exports of goods increased by 26.1% over a year earlier to $512.8 billion, after a year-on-year increase by 18.8% in November 2025. Concurrently, the value of imports of goods increased by 30.6% over a year earlier to $576.0 billion in December 2025, after a year-on-year increase by 18.1% in November 2025. A visible trade deficit of $63.3 billion, equivalent to 11.0% of the value of imports of goods, was recorded in December 2025.
For 2025 as a whole, the value of total exports of goods increased by 15.4% over 2024. Concurrently, the value of imports of goods increased by 15.5%. A visible trade deficit of $446.6 billion, equivalent to 7.9% of the value of imports of goods, was recorded in 2025.
Comparing the fourth quarter of 2025 with the preceding quarter on a seasonally adjusted basis, the value of total exports of goods increased by 5.2%. Meanwhile, the value of imports of goods increased by 6.7%.
Analysis by country/territory
Comparing December 2025 with December 2024, total exports to Asia as a whole grew by 26.6%. In this region, increases were registered in the values of total exports to some major destinations, in particular Malaysia (+138.6%), Thailand (+76.6%), Taiwan (+72.7%), Singapore (+30.4%), Vietnam (+29.4%) and Chinese Mainland (the Mainland) (+24.9%).
Apart from destinations in Asia, increases were registered in the values of total exports to some major destinations in other regions, in particular Switzerland (+48.8%) and the USA (+47.5%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Vietnam (+164.1%), the United Kingdom (+41.6%), the Mainland (+33.9%), Taiwan (+30.8%), Japan (+18.0%) and Singapore (+17.2%).
Comparing 2025 with 2024, increases were registered in the values of total exports to most major destinations, in particular Malaysia (+61.6%), Vietnam (+50.5%), Taiwan (+43.6%), the Mainland (+16.7%) and Japan (+13.5%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Vietnam (+97.1%), the United Kingdom (+43.7%), Taiwan (+20.0%), Malaysia (+18.3%), the Mainland (+16.2%) and Singapore (+11.7%).
Analysis by major commodity
Comparing December 2025 with December 2024, 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 $60.8 billion or +30.7%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $21.2 billion or +46.8%).
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 $58.1 billion or +27.9%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $29.5 billion or +59.6%).
Comparing 2025 with 2024, 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 $376.2 billion or +17.2%) and "office machines and automatic data processing machines" (by $135.0 billion or +24.9%).
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 $392.6 billion or +17.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $135.8 billion or +24.6%) and "office machines and automatic data processing machines" (by $130.8 billion or +29.3%).
Commentary
A Government spokesman said that the value of merchandise exports picked up strongly towards the end of 2025, surging by 26.1% in December over a year earlier. For 2025 as a whole, the value of merchandise exports rose visibly by 15.4% to $5,240.3 billion, a historical high. Exports to the Mainland continued to grow visibly, and those to the ASEAN economies showed robust growth. Exports to the United States showed a decent increase, while those to the European Union declined slightly. Analysed by commodity, exports of most major commodities rose markedly, particularly for exports of electrical equipment, machinery and mechanical appliances.
Looking ahead, sustained moderate expansion of the global economy, enhanced economic and trade ties with new markets, coupled with strong demand worldwide for AI-enabled electronic-related products, will support Hong Kong's merchandise trade performance. The Government will stay vigilant to the developments of various uncertainties.
Further information
Table 1 presents the analysis of external merchandise trade statistics for December 2025. Table 2 presents the original monthly trade statistics from January 2022 to December 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 December 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 December 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 December 2025 will be released in mid-February 2026.
The December 2025 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in December 2025 and will be available in early February 2026. 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, January 27, 2026
Issued at HKT 16:30
Issued at HKT 16:30
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