Hong Kong Exports Up 10.9% in
First Quarter of 2025 Amid US-China Trade War
Latest official figures show imports
also increased by 9.8 per cent, while value of exports for March alone
increased by 18.5 per cent
The
value of Hong Kong’s exports rose by 10.9 per cent year on year in the first quarter
of 2025, while imports also increased by 9.8 per cent in the period, amid a trade
war initiated by the United States.
Trade
data released by the Census and Statistics Department on Monday also showed the
value of the city’s exports and imports of goods increased by 18.5 per cent and
16.6 per cent respectively in March.
This
followed year-on-year increases of 15.4 per cent and 11.8 per cent, respectively,
in February.
In
March, the value of exports increased to HK$455.5 billion (US$58.7 billion), year
on year, while the value of imports recorded an annual increase of 16.6 per cent
to HK$500.9 billion.
For
the first quarter as a whole, the value of total exports increased by 10.9 per cent
over the same period in 2024, while the value of imports of goods increased by 9.8
per cent. There was a trade deficit of HK$80.7 billion.
Commenting
on the March figures, a government spokesman said: “Exports to the mainland grew
strongly, while those to other major Asian economies showed mixed performance. Exports
to the United States increased visibly, and those to the European Union registered
a marginal increase.
“Looking
ahead, global trade tensions have escalated abruptly due to the significant increases
in tariffs by the United States in early April. This will pose challenges to Hong
Kong’s merchandise trade performance.
“Nevertheless,
the steady growth in the mainland economy, together with Hong Kong’s proactive efforts
in enhancing economic and trade ties with different markets, should help buttress
trade performance.”
He
added the government was providing support to businesses through various measures
to cope with the external challenges and would monitor the situation closely.
Financial
Secretary Paul Chan Mo-po hinted in a blog post on Sunday that there had been positive
first-quarter growth in the city’s exports to mainland China and Asean countries, while exports to the US also rose slightly.
Chan
said he expected to see a “steady growth” of the city’s gross domestic product in
the first quarter.
He
pointed to a tourism boom driven by of a series of mega-events and international
conferences in the city, saying they had helped boost the retail and catering sectors.
The
US’ stark departure from international trade rules has upended the global trade
order established since the end of the second world war.
Some
observers have said the impact of the US-initiated tariff war would not be fully
reflected in the first quarter of the year.
US
President Donald Trump has imposed punitive “reciprocal tariffs” on targeted countries,
including its allies, as a means of shrinking America’s US$1.2 trillion deficit.
China
was the most heavily targeted by the US administration, which imposed cumulative
tariffs of 145 per cent over several escalatory rounds, with the White House also
revealing the figure to be as high as 245 per cent on some goods.
Beijing
responded with tit-for-tat tariffs on US imports, at 125 per cent, and import-export
controls, among other retaliatory measures.
Trump
also announced a tariff increase on small parcels from the mainland and Hong Kong,
raising the rate to 120 per cent under an order to end the “de minimis” exemption
from May 2.
Hongkong
Post stopped accepting airmail parcels from America on Sunday, having also suspended
delivery of US-bound parcels by land and sea on April 16.