智通财经APP获悉，香港特区政府统计处今日(12月29日)发表的对外商品贸易统计数字显示，2025年11 月份香港整体出口和进口货值均录得按年升幅，分别上升18.8%和18.1%。 2025年11月份与2024年同月比较，大部分主要货品类别的整体出口货值录得升幅，尤其是"电动机械、 仪器和用具及零件"(增315亿港元，升15.9%)和"通讯、录音及音响设备和仪器"(增164亿港元，升 36.8%)。 继2025年10月份录得17.5%的按年升幅后，2025年11月份商品整体出口货值为4,689亿港元，较2024年同 月上升18.8%。同时，继2025年10月份录得18.3%的按年升幅后，2025年11月份商品进口货值为5,174亿 港元，较2024年同月上升18.1%。2025年11月份录得有形贸易逆差485亿港元，相等于商品进口货值的 9.4%。 2025年首11个月的商品整体出口货值较2024年同期上升14.3%。同时，商品进口货值上升14.1%。2025 年首11个月录得有形贸易逆差3,828亿港元，相等于商品进口货值的7.5%。 经季节性调整的数字显示，截至2025年11月止的3个月与对上3个月比较， ...

Core Viewpoint - Hong Kong's overall export and import values recorded year-on-year increases in October 2025, with exports rising by 17.5% and imports by 18.3%, marking 20 consecutive months of growth in export values [1] Group 1: Export Performance - In October 2025, the overall export value of goods reached HKD 461.8 billion, an increase of 17.5% compared to the same month last year [1] - For the first ten months of the year, the overall export value increased by 13.8% compared to the same period last year [1] - Significant year-on-year export growth was observed in major destinations, particularly Taiwan (up 40.0%), mainland China (up 15.8%), Malaysia (up 53.7%), Vietnam (up 52.8%), and Japan (up 14.1%) [1] Group 2: Import Performance - In October 2025, the overall import value of goods was HKD 501.7 billion, reflecting an 18.3% increase year-on-year [1] - For the first ten months of the year, the overall import value rose by 13.6% compared to the same period last year [1] - Notable increases in import values were recorded from major supply sources, especially Taiwan (up 20.9%), mainland China (up 13.3%), Vietnam (up 89.5%), the UK (up 47.1%), and Malaysia (up 19.7%) [2] Group 3: Trade Deficit - In October 2025, a tangible trade deficit of HKD 39.9 billion was recorded, equivalent to 8.0% of the import value [1] - For the first ten months of the year, the tangible trade deficit amounted to HKD 334.0 billion, representing 7.3% of the import value [1] Group 4: Future Outlook - The Hong Kong government anticipates that moderate global economic growth, reduced uncertainty in external trade policies, and sustained demand for electronic products will positively impact Hong Kong's trade growth in the short term [2]

Core Insights - Hong Kong's overall export and import values recorded year-on-year increases in October 2025, with exports rising by 17.5% and imports by 18.3% [1] - The trade deficit for October 2025 was HKD 39.9 billion, equivalent to 8.0% of the import value [1] - For the first ten months of 2025, exports increased by 13.8% and imports by 13.6% compared to the same period in 2024, resulting in a trade deficit of HKD 334 billion, or 7.3% of imports [1] By Country/Region Analysis - In October 2025, exports to Asia increased by 15.6%, with significant growth to Malaysia (up 139.4%), Vietnam (up 56.0%), Taiwan (up 50.2%), India (up 31.8%), and mainland China (up 9.8%) [2] - Exports to other regions also saw increases, particularly to the Netherlands (up 56.8%) and the United States (up 40.5%) [2] - For the first ten months of 2025, exports to major destinations rose, especially to Malaysia (up 53.7%), Vietnam (up 52.8%), Taiwan (up 40.0%), mainland China (up 15.8%), and Japan (up 14.1%) [2] By Major Product Category Analysis - In October 2025, most major product categories saw export value increases, particularly electrical machinery, instruments, and parts (up HKD 30.3 billion, or 16.1%) and communication, recording, and sound equipment (up HKD 17.6 billion, or 35.7%) [4] - Import values also increased for major categories, especially electrical machinery, instruments, and parts (up HKD 40.6 billion, or 21.5%) and communication, recording, and sound equipment (up HKD 23.2 billion, or 45.5%) [4] - For the first ten months of 2025, significant export increases were noted in electrical machinery, instruments, and parts (up HKD 284 billion, or 15.9%) and office machines and automatic data processing equipment (up HKD 122.3 billion, or 28.0%) [4] Future Outlook - The global economy is expected to maintain moderate growth, with reduced uncertainty in external trade policies and sustained demand for electronic products likely benefiting Hong Kong's trade in the short term [5] - The government is committed to strengthening economic ties with various markets, which will continue to support trade growth [5] - Ongoing trade barriers remain a concern, and the government will remain vigilant [5]

Core Insights - The World Trade Organization (WTO) report indicates that the volume of goods trade in the first quarter exceeded expectations [1] - However, due to increased tariffs putting pressure on import demand, growth is expected to slow later this year [1] Summary by Categories Trade Volume - The first quarter saw a growth in goods trade volume that surpassed initial forecasts [1] Tariff Impact - Increased tariffs are creating pressure on import demand, which is likely to lead to a slowdown in growth in the latter part of the year [1]