Hong Kong Manufacturing Growth Slows in Q1

Manufacturing production in Hong Kong increased 3.1% year-on-year in the first quarter of 2026, slowing from a revised 5.8% expansion in the previous three-month period. This marked the weakest growth since the second quarter of 2025, as output growth eased in food, beverages and tobacco (2.1% vs 3.1% in Q4), metal, computer, electronic and optical products, machinery and equipment (6.6% vs 6.9%), and miscellaneous manufacturing industries (5% vs 9.7%). Meanwhile, declines in paper products, printing and reproduction of recorded media deepened (-2.6% vs -0.2%), while output in textiles and wearing apparel remained unchanged at -4.7%. On a seasonally adjusted quarterly basis, manufacturing production fell 2.6%, reversing from a 1.3% rise in the fourth quarter of 2025.

Manufacturing production in Hong Kong grew 5.7% year-on-year in the fourth quarter of 2025, accelerating from a downwardly revised 5.3% rise in the previous three-month period. It marked the fastest pace of growth since the fourth quarter of 2021, mainly driven by higher output in the manufacture of food, beverages, and tobacco (3.2% vs 2.5% in Q3), metal, computer, electronic, and optical products, machinery and equipment (6.9% vs 6%), and miscellaneous manufacturing industries (9.4% vs 9.1%). In addition, manufacturing of textiles and wearing apparel (-4.7% vs -5.2%) declined at a softer pace. On the other hand, output slipped for the manufacture of paper products, printing, and reproduction of recorded media (-0.2% vs 1.2%). On a seasonally adjusted quarterly basis, manufacturing production eased to 1.3% from 4.5% in the third quarter of 2025.

Manufacturing production in Hong Kong rose 5.4% year-on-year in Q3 2025, the fastest pace since Q4 2021, following a 0.9% gain in the previous period. The acceleration was driven by stronger growth in food, beverages, and tobacco (2.5% vs 2.0%), miscellaneous manufacturing (9.3% vs 0.8%), and metal, computer, electronics, and optical products, machinery, and equipment (6.1% vs 0.2%), alongside a softer decline in textiles and wearing apparel (-5.2% vs -5.6%). In contrast, growth slowed in paper products, printing, and reproduction of recorded media (1.0% vs 1.5%). On a seasonally adjusted quarterly basis, manufacturing output increased 4.6%, up from 0.3% in Q2 2025.