The Census and Statistics Department (C&SD) released today (February 27) the external merchandise trade statistics for January 2026.  In January 2026, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 33.8% and 38.1% respectively. Due to the difference in timing of the Chinese New Year holidays, it is more appropriate to analyse the trade figures for January and February taken together in making year-on-year comparison.
 
     In January 2026, the value of total exports of goods increased by 33.8% over a year earlier to $520.6 billion, after a year-on-year increase by 26.1% in December 2025. Concurrently, the value of imports of goods increased by 38.1% over a year earlier to $534.7 billion in January 2026, after a year-on-year increase by 30.6% in December 2025. A visible trade deficit of $14.1 billion, equivalent to 2.6% of the value of imports of goods, was recorded in January 2026.
 
     Comparing the three-month period ending January 2026 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 9.4%. Meanwhile, the value of imports of goods increased by 10.9%.
 
Analysis by country/territory
 
     Comparing January 2026 with January 2025, total exports to Asia as a whole grew by 37.3%. In this region, increases were registered in the values of total exports to some major destinations, in particular Taiwan (+88.8%), Malaysia (+81.1%), Chinese Mainland (the Mainland) (+40.6%), Singapore (+32.4%), Thailand (+31.1%) and Vietnam (+31.0%).
 
     Apart from destinations in Asia, increases were registered in the values of total exports to most major destinations in other regions, in particular Switzerland (+105.1%), the Netherlands (+39.5%) and the USA (+23.3%).
 
     Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Vietnam (+129.8%), India (+125.1%), Korea (+75.0%), the Mainland (+46.6%) and Singapore (+42.8%).
 
     Comparing the three months ending January 2026 with the same period in 2025, increases were registered in the values of total exports to most major destinations, in particular Malaysia (+96.3%), Taiwan (+70.2%), the United Arab Emirates (+66.4%), Thailand (+47.5%) and the Mainland (+26.8%).
 
     Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Vietnam (+133.6%), India (+81.2%), the Mainland (+34.7%), the United Kingdom (+31.1%) and Korea (+22.3%).

Analysis by major commodity
 
     Comparing January 2026 with January 2025, 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 $71.6 billion or +39.4%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $24.2 billion or +51.9%). 
 
     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 $76.2 billion or +44.8%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $34.2 billion or +80.0%).
 
     Comparing the three months ending January 2026 with the same period in 2025, 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 $163.7 billion or +28.4%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $61.7 billion or +45.2%).
 
     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 $168.4 billion or +29.1%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $80.7 billion or +57.2%).
 
Commentary
 
     A Government spokesman said that the value of merchandise exports posted a sharp rise in January, surging by 33.8% over a year earlier. Exports to most markets and of most major commodities increased visibly. 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. On a seasonally adjusted basis, the value of merchandise exports in the three-month period ending January picked up to increase by 9.4% over the preceding three-month period.
 
     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. Meanwhile, the Government will stay vigilant to the trade policy developments in the external environment.
 
Further information
 
     Table 1 presents the analysis of external merchandise trade statistics for January 2026. Table 2 presents the original monthly trade statistics from January 2023 to January 2026, and Table 3 gives the seasonally adjusted series for the same period.
 
     The values of total exports of goods to 10 main destinations for January 2026 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 January 2026.
 
     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 January 2026 will be released in mid-March 2026.
 
     The January 2026 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in January 2026 and will be available in early March 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/Friday, February 27, 2026
Issued at HKT 16:30

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