Hong Kong Trade Deficit Widens in February

Hong Kong’s trade deficit widened sharply to $89.1 billion in March 2026 from $45.4 billion in the same month a year earlier, marking the largest trade gap since records began in January 1952. Imports climbed 41.2% year-on-year to an all-time high of $70.7 billion, largely reflecting higher purchases across most principal commodity divisions, particularly electrical machinery, apparatus and appliances, and electrical parts thereof (49.5%) and telecommunications and sound recording and reproducing apparatus and equipment (93%). Imports rose most strongly from the UK (118.5%) and Korea (112.2%). Meanwhile, exports increased 35.8% to a record $61.8 billion, supported by solid growth in shipments of electrical machinery, apparatus and appliances, and electrical parts thereof (47.9%) and telecommunications and sound recording and reproducing apparatus and equipment (94.7%). Shipments to Asia grew 37.8%, while other key destinations included the US (80.8%) and the Netherlands (37.1%).

Hong Kong’s trade deficit widened sharply to $64.2 billion in February 2026 from $36.3 billion in the same month last year. Imports surged 29.9% year-on-year to $472.9 billion, primarily driven by higher purchases of electrical machinery, apparatus and appliances, and elecrical parts thereof (30.5%), as well as non-ferrous metals (474.8%), and telecommunications and sound recording and reproducing apparatus and equipment (67.6%). Imports rose the most from the United Kingdom (230.6%), India (130.8%), and Korea (113.6%). Meanwhile, exports soared 24.7% year-on-year to $408.8 billion, largely driven by increased sales of electrical machinery, apparatus and appliances, and elecrical parts thereof (41.5%), along with telecommunications and sound recording and reproducing apparatus and equipment (41.5%), and non-ferrous metals (289.4%). Exports recorded the largest gains to Malaysia (121.9%), Singapore (69.8%), Thailand (36.9%), Taiwan (33.4%), and Mainland China (21.9%).

Hong Kong recorded a trade deficit of $14.1 billion in January 2026, swinging from a surplus of $2.1 billion in the same month a year earlier. Imports surged 38.1% year-on-year to $534.7 billion, primarily driven by higher purchases of electrical machinery, apparatus and appliances, and electrical parts thereof (44.8%), as well as telecommunications and sound recording and reproducing apparatus and equipment (80%). Imports rose the most from Mainland China (46.6%), Taiwan (3.3%), and Singapore (42.8%). Meanwhile, exports soared 33.8% year-on-year to a new record high of $520.6 billion, largely driven by increased sales of electrical machinery, apparatus and appliances, and electrical parts thereof (39.4%), along with telecommunications and sound recording and reproducing apparatus and equipment (51.9%). Exports recorded the largest gains to Mainland China (40.6%), the US (23.3%), Taiwan (88.8%), and Vietnam (31.0%).