FX.co ★ Hong Kong Trade Deficit Swings to Deficit

Hong Kong posted a trade deficit of $14.1 billion in January 2026, reversing from a surplus of $2.1 billion in the same month a year earlier. Imports jumped 38.1% year-on-year to $534.7 billion, driven mainly by stronger purchases of electrical machinery, apparatus and appliances, and electrical parts thereof (up 44.8%), as well as telecommunications and sound recording and reproducing apparatus and equipment (up 80%). The sharpest increases in imports came from Mainland China (46.6%), Taiwan (3.3%), and Singapore (42.8%).

Exports rose 33.8% year-on-year to $520.6 billion, supported largely by higher shipments of electrical machinery, apparatus and appliances, and electrical parts thereof (up 39.4%), together with telecommunications and sound recording and reproducing apparatus and equipment (up 51.9%). Export growth was strongest to Mainland China (40.6%), the United States (23.3%), Taiwan (88.8%), and Vietnam (31.0%).