Hong Kong’s November External Merchandise Trade: Dual 18% Growth Reflects Market Momentum
The visible trade deficit for the single month stood at HKD 48.5 billion, equivalent to 9.4% of the import value. For the first eleven months of 2025, cumulative exports and imports grew by 14.3% and 14.1%, respectively, underscoring Hong Kong’s continued vitality as an international trade hub.
Market Analysis: Dual-Track Growth in Emerging and Traditional Markets
Hong Kong’s exports to major trading partners generally showed strong growth in November 2025. Notably, total exports to the United Arab Emirates surged by 69.4% year-on-year. Within Asia, total export value increased by 17.1% year-on-year, with particularly outstanding performance in emerging Southeast Asian markets—exports to Vietnam, Taiwan, and Thailand soared by 54.9%, 45.3%, and 39.6%, respectively.
At the same time, exports to China’s mainland (up 16.4%) and the United States (up 44.4%)—two major traditional markets—also maintained robust growth. While consolidating its traditional strengths, Hong Kong is further diversifying its trade and sustaining its competitiveness, with the ASEAN market emerging as a new growth driver.
Commodity Structure: Technology Goods Drive Trade Expansion
Technology products were the core drivers of this round of growth. In November 2025, export values for “electrical machinery, apparatus, and appliances, and parts thereof” and “telecommunications, sound recording, and audio equipment and instruments” increased by 15.9% (up HKD 31.5 billion) and 36.8% (up HKD 16.4 billion), respectively. During the same period, imports of these two categories also saw considerable growth, rising by 16.9% and 34.3%, reinforcing Hong Kong’s role as a key platform for sourcing, re-exporting, and value-added services of critical components.
Trends and Outlook: Near-Term Resilience, Long-Term Focus on Diversification
Seasonally adjusted data shows that in the three months ending in November, the total export value of goods increased by only 1.4% compared with the preceding three months, while import value rose by 2.8%. In the first eleven months of 2025, Hong Kong’s total external merchandise trade value reached HKD 9,839.7 billion, representing a year-on-year increase of 14.2%.
A government spokesperson noted that merchandise exports remained strong, supported by growing demand across major markets. Looking ahead, sustained moderate global economic growth and steady demand for electronics-related products are expected to underpin Hong Kong’s merchandise trade growth in the near term.
The government will continue to strengthen economic and trade ties with various markets while remaining vigilant against uncertainties in the external environment.
