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Oscar Liu

Hong Kong’s exports rose by nearly 43 per cent year on year in April, driven by strong global demand for artificial intelligence-related electronics, although the government warned that the Middle East war could cloud the near-term outlook.
Provisional figures released by the Census and Statistics Department on Thursday showed that the total value of exports rose by 42.9 per cent in April to HK$620.9 billion (US$79.3 billion), following a 35.8 per cent increase in March.
April’s surge represents the strongest annual growth in exports the city has recorded since January 2021, when total exports jumped by 44 per cent.
Imports, meanwhile, grew by 44.4 per cent to HK$650.4 billion, resulting in a trade deficit of HK$29.5 billion for the month, equivalent to 4.5 per cent of the value of imported goods.
For the first four months of 2026 combined, total exports rose by 35 per cent compared with the same period last year, while imports grew by 38.9 per cent.
A government spokesman said that despite the strong momentum, authorities were maintaining a cautious outlook for the rest of the year.
“Looking ahead, resilient global demand for AI-related electronic products should provide continued support to Hong Kong’s merchandise trade performance,” he said.
“However, heightened geopolitical tensions in the Middle East could pose a salient risk in the near term by disrupting supply chains, driving up transport costs and undermining global demand.”
Gary Ng Cheuk-yan, a senior economist at Natixis Corporate and Investment Bank, noted that Hong Kong’s near-term trade performance would depend heavily on the Middle East war.
“Assuming the war ends soon, the world is still likely to face higher inflation as it takes time to rebuild energy infrastructure, which will lead to higher interest rates,” Ng said.
“The trend could spark greater divergence between AI and non-AI products, meaning a mild deceleration in Hong Kong’s external demand growth.”
The tech sector drove the bulk of April’s gains, led by electrical machinery and parts, which rose sharply by 49.5 per cent year on year to HK$105.5 billion.
Shipments of telecommunications equipment surged by 54.6 per cent to HK$26.5 billion, while those of office and data processing machines rose by 41.5 per cent to HK$25.6 billion.
In April, exports to Singapore more than doubled, soaring by 126.3 per cent. Significant gains were also recorded in shipments to Thailand, which jumped by 84.7 per cent, while exports to Taiwan and Vietnam rose by 72.7 per cent and 69.3 per cent respectively.
Traditional Western consumer markets also displayed solid momentum. Exports to the United Kingdom leapt by 88.8 per cent, shipments to Switzerland surged by 153.7 per cent, and those to the United States rose by 37.5 per cent.


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Hong Kong exports surge 43% in April, driven by strong demand for AI electronics

.css-1c6uqr6{color:inherit;font-weight:inherit;font-size:inherit;font-family:inherit;line-height:inherit;overflow-wrap:break-word;}Figure follows earlier five-year high of 35.8% growth in March, but government remains cautious and says Middle East war could cloud outlook

Figure follows earlier five-year high of 35.8% growth in March, but government remains cautious and says Middle East war could cloud outlook