Hong Kong exports up 18.5% in March amid US-China trade war

The value of Hong Kong’s exports rose by 18.5 per cent year on year in March, while imports also increased by 16.6 per cent in the period, with an economist saying that the impact of the US-initiated tariff war has yet to be reflected.

Looking ahead, the government expected that the US tariffs imposed earlier this month would “pose challenges” to Hong Kong’s trade, but hoped that the steady growth in the mainland Chinese economy would help buttress trade performance.

Trade data released by the Census and Statistics Department on Monday showed the value of exports increased to HK$455.5 billion (US$58.7 billion), year on year in March, 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.