The Census and Statistics Department (C&SD) released today (March 26) the external merchandise trade statistics for February 2026. In February 2026, the values of Hong Kong's total exports and imports of goods both recorded year-on-year increases, at 24.7% and 29.9% 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.

     Taking January and February of 2026 together, the value of total exports of goods increased by 29.6% over the same period in 2025. Concurrently, the value of imports of goods increased by 34.1%. A visible trade deficit of $79.0 billion, equivalent to 7.8% of the value of imports of goods, was recorded in the first two months of 2026.

     In February 2026, the value of total exports of goods increased by 24.7% over a year earlier to $408.8 billion, after a year-on-year increase by 33.8% in January 2026. Concurrently, the value of imports of goods increased by 29.9% over a year earlier to $472.9 billion in February 2026, after a year-on-year increase by 38.1% in January 2026. A visible trade deficit of $64.2 billion, equivalent to 13.6% of the value of imports of goods, was recorded in February 2026.

     Comparing the three-month period ending February 2026 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 15.8%. Meanwhile, the value of imports of goods increased by 17.7%.

Analysis by country/territory

     Comparing February 2026 with February 2025, total exports to Asia as a whole grew by 23.4%. In this region, increases were registered in the values of total exports to most major destinations, in particular Malaysia (+121.9%), Singapore (+69.8%), Thailand (+36.9%), Taiwan (+33.4%) and Chinese Mainland (the Mainland) (+21.9%).

     Apart from destinations in Asia, increases were registered in the values of total exports to most major destinations in other regions, in particular Switzerland (+78.9%), the Netherlands (+68.3%) and the USA (+38.8%).

     Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular the United Kingdom (+230.6%), India (+130.8%), Korea (+113.6%), Vietnam (+71.6%), Malaysia (+31.1%) and the Mainland (+28.2%).

     Comparing the first two months of 2026 with the same period in 2025, increases were registered in the values of total exports to most major destinations, in particular Malaysia (+95.2%), Taiwan (+60.4%), the United Arab Emirates (+54.2%), Singapore (+46.7%), Thailand (+33.9%) and the Mainland (+31.6%).

     Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular the United Kingdom (+134.8%), India (+128.2%), Vietnam (+100.5%), Korea (+93.3%) and the Mainland (+38.0%).

Analysis by major commodity

     Comparing February 2026 with February 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 $48.9 billion or +30.8%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $13.9 billion or +41.5%) and "non-ferrous metals" (by $9.1 billion or +289.4%). 

     Over the same period of comparison, increases were registered in the values of imports of some principal commodity divisions, in particular "electrical machinery, apparatus and appliances, and electrical parts thereof" (by $48.9 billion or +30.5%), "non-ferrous metals" (by $24.3 billion or +474.8%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $23.8 billion or +67.6%).

     Comparing the first two months of 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 $120.2 billion or +35.3%) and "telecommunications and sound recording and reproducing apparatus and equipment" (by $38.1 billion or +47.6%).

     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 $125.2 billion or +37.9%), "telecommunications and sound recording and reproducing apparatus and equipment" (by $58.0 billion or +74.4%) and "non-ferrous metals" (by $31.9 billion or +296.7%).

Commentary

     A Government spokesman said that merchandise exports continued to show strong performance in early 2026. Taking the first two months of 2026 together to remove the effect of the different timing of the Chinese New Year compared with last year, the value of merchandise exports surged by 29.6% over a year earlier. Exports to most markets and of most major commodities continued to increase markedly.

     Looking ahead, global demand for AI-related electronic products should remain vibrant, rendering support to Hong Kong's merchandise trade performance. Yet, uncertainty surrounding the global economic outlook has increased markedly of late amid the heightened geopolitical tensions in the Middle East. Shifts in trade policies among major advanced economies have also posed another source of lingering uncertainty. The Government will continue to monitor the developments closely and remain vigilant.

Further information

     Table 1 presents the analysis of external merchandise trade statistics for February 2026. Table 2 presents the original monthly trade statistics from January 2023 to February 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 February 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 February 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 February 2026 will be released in mid-April 2026.

     The February 2026 issue of "Hong Kong External Merchandise Trade" contains detailed analysis on the performance of Hong Kong's external merchandise trade in February 2026 and will be available in early April 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: 3863 2592).

Ends/Thursday, March 26, 2026
Issued at HKT 16:30

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