Hong Kong Exports Surge 64.9% as AI Hardware Trade Drives Fastest Growth in Over 40 Years

September shipments reach HK$762.6 billion

Hong Kong exported HK$762.6 billion worth of goods in September 2026, up 64.9% from a year earlier, as demand for electronic products linked to artificial intelligence drove its fastest annual increase in monthly exports in more than four decades. The surge marked the 20th consecutive month of export growth of at least 10%.

The Census and Statistics Department's figures, released on October 28, showed imports rising 57.8% to HK$808.9 billion. Combined merchandise trade reached HK$1,571.5 billion, an increase of 61.2%. Hong Kong imported HK$46.3 billion more in goods than it exported, leaving a visible trade deficit equivalent to 5.7% of imports.

Electrical machinery and office and data processing equipment supplied HK$243.3 billion of the annual increase in exports. Shipments to Taiwan rose 159.3%, while exports to the United States increased 133.4%, showing how demand across several markets was lifting the value of goods passing through the city.

The latest results extend the picture of the September export surge: technology trade is expanding rapidly, but businesses outside the AI supply chain are experiencing more limited benefits. Traders also face higher raw material costs and uncertainty over conflict, trade restrictions and the durability of spending on AI infrastructure.

Peter Shiu, chairman of the Hong Kong Shippers' Council, expected strong AI hardware exports to continue through the fourth quarter of 2026. His outlook was less certain for the third and fourth quarters of 2027, a reminder that current orders and longer term demand present different planning challenges for businesses.

Growth accelerated beyond a strong August

September's export increase was 11.9 percentage points above August's 53% growth. Imports moved in the opposite direction: their annual growth rate eased from 60% in August to 57.8% in September, a decline of 2.2 percentage points.

For January through September, export values rose 45.2% from the same period in 2025 and imports increased 45%. Total trade reached HK$11,450.3 billion, up 45.1%. The cumulative goods trade deficit was HK$417.7 billion, equivalent to 7% of imports.

The quarterly figures also showed expansion. After adjustment for regular seasonal patterns, exports increased 8.8% in July through September compared with April through June, while imports grew 7.9%. Seasonal adjustment helps compare neighbouring periods by allowing for recurring changes such as holiday shopping and production schedules.

The main reporting dates and periods trace the acceleration:

• August 2026: Exports rose 53% and imports increased 60% compared with a year earlier.
• July through September 2026: Exports grew 8.8% from the preceding quarter after seasonal adjustment; imports rose 7.9%.
• September 2026: Exports reached HK$762.6 billion, up 64.9% from September 2025.
• October 28, 2026: The Census and Statistics Department released the September merchandise trade figures.
• November 3, 2026: Advance GDP estimates showed economic growth accelerating in the third quarter.
• November 13, 2026: More detailed third quarter GDP statistics and an updated annual growth forecast were scheduled for release.

Electronics supplied the largest gains

Electrical machinery, apparatus, appliances and related parts recorded an export increase of HK$155.6 billion in September, up 66.2% from a year earlier. Office machines and automatic data processing machines added HK$87.7 billion, rising 183.7%.

Automatic data processing equipment includes machines used to process information, such as computers. Growth of 183.7% means the value shipped was about 2.84 times its level a year earlier. The government identified strong exports of AI related electronic products as the main force behind September's performance.

Together, the two categories accounted for about 81% of the roughly HK$300.1 billion increase in total September exports. That comparison comes from the HK$243.3 billion combined increase in these categories and the total export increase calculated from September's HK$762.6 billion value and 64.9% growth rate.

Imports showed a similar concentration. Electrical machinery and related parts increased by HK$153.5 billion, or 64.5%. Office and data processing machines rose by HK$60.6 billion, or 142%, while telecommunications and sound recording and reproducing equipment increased by HK$49 billion, or 81.7%.

The pattern continued across the first nine months. Electrical machinery exports rose by HK$973.7 billion, or 52.6%; office and data processing equipment increased by HK$324.8 billion, or 63.9%; and telecommunications and sound equipment added HK$225.7 billion, up 51.4%.

Imports in those categories also expanded over January through September. Electrical machinery rose by HK$953.6 billion, or 51.3%; telecommunications and sound equipment increased by HK$297.3 billion, or 63.3%; and office and data processing equipment grew by HK$231.1 billion, or 53.8%.

Asian markets led a broad export expansion

Exports to Asia rose 67.5% in September, slightly faster than the 64.9% increase across all destinations. Taiwan recorded growth of 159.3%, followed by Malaysia at 131.5%, Thailand at 118%, Singapore at 77.5% and mainland China at 68.1%.

Other Asian destinations also bought more goods shipped from Hong Kong. Exports to Vietnam increased 56.1%, those to Japan rose 19.6%, and shipments to India grew 7.4%. Outside Asia, exports to Mexico climbed 148.1%, those to the United States rose 133.4%, and shipments to the United Arab Emirates increased 33.9%.

The figures show expansion across markets at different speeds. Exports to Taiwan, Malaysia, Thailand, Mexico and the United States more than doubled from their levels a year earlier. Japan and India recorded smaller increases.

January through September figures showed that the strength extended beyond one month. Exports to Taiwan rose 82.2%, Singapore 81.8%, the United States 70.7%, Thailand 64.2%, Malaysia 62.3% and mainland China 49.4%.

Imports reveal the scale of goods moving through Hong Kong

South Korea recorded the largest September import growth among the suppliers highlighted in the figures, at 231.1%. Imports from Vietnam rose 118.7%, Malaysia 73.9%, India 61.3%, Thailand 55.7% and mainland China 55.6%.

Imports from Taiwan increased 52.1%, Singapore 46.9% and Japan 17.3%. Growth from the United States and the United Kingdom was slower, at 5.9% and 1.5%, respectively.

Over the first nine months, imports from South Korea rose 151.7%. India followed at 98.5%, the United Kingdom at 78.6%, Vietnam at 77.5%, Malaysia at 52.4% and mainland China at 46.1%.

Hong Kong's role as a reexport centre helps explain why both sides of the trade ledger are large. Goods can enter the city from a producing economy and then be shipped onward to customers elsewhere. Shiu described Hong Kong as a trading port rather than the place where those goods are produced.

The visible trade deficit measures the difference between goods imports and goods exports. Services, such as financial, transport and tourism activity, are counted separately. September's deficit was 5.7% of imports, below the 7% recorded across January through September.

Christmas orders supported trade beyond AI

Shiu said seasonal demand had also helped exports over the preceding two to three months. Products shipped ahead of Christmas, including clothing and footwear, were recording worthwhile growth alongside the expansion in AI hardware.

Seasonal orders matter because shops need stock before consumers begin their holiday purchases. Goods therefore move through ports and supply chains ahead of the shopping period itself. September's figures captured part of that preparation.

Traditional industries were receiving more limited benefits from the wider export boom, Shiu said. He described business conditions as ordinary outside the strongest technology categories and pointed to rising upstream raw material prices as a source of pressure on manufacturers and traders.

Companies can handle more orders while also facing higher costs for materials and working capital, the money needed to pay bills before customers settle invoices. Shiu linked some of those pressures to instability in the Middle East and said expectations of another US Federal Reserve interest rate increase during 2026 were adding to concerns about borrowing costs.

Hong Kong's trading role draws attention

Chung Kei-fung, the Legislative Council member representing the import and export sector, said mainland China's smart manufacturing system, combined with Hong Kong's open commercial network and ability to coordinate shipments, had helped the city become a transit centre for orders involving valuable goods.

His assessment focused on how Hong Kong connects production with buyers. A city handling reexports can benefit from demand for sophisticated equipment through trading, logistics and related commercial services, even when the equipment is manufactured elsewhere.

Chung urged businesses to maintain established markets while strengthening supply chain connections with emerging markets. He expected the AI industry to continue supporting activity and argued that Hong Kong should build on its role in connecting businesses and adding value to transactions.

September's destination figures give that argument a practical setting. Strong increases in shipments to Malaysia, Thailand, Vietnam and Mexico accompanied rapid growth in trade with the United States, Taiwan and mainland China. Companies were serving a range of expanding markets rather than relying on growth in a single destination.

GDP figures show how trade supported the economy

Hong Kong's subsequent third quarter GDP estimates, released on November 3, showed real economic growth of 5.2% compared with a year earlier, up from 4.2% in the second quarter. Output increased 1.9% from the preceding quarter after seasonal adjustment.

Goods exports measured for the national accounts rose 30.4% in real terms during the third quarter, following growth of 28.9% in the second. Goods imports increased 29.9%, compared with 29.3% previously.

September's 64.9% merchandise export increase measures the value of shipments in current prices for one month. The GDP figures measure a full quarter and adjust for price changes. Both measures showed stronger exports, while describing different aspects of the expansion.

Domestic spending grew more slowly than goods trade. Private consumption increased 2.8% in real terms, compared with 2.9% in the preceding quarter. Investment in fixed assets, including buildings and equipment, rose 7.3%, up from 3.7%.

Exports of services grew 4.3%, while services imports increased 5.6%. Across the first three quarters, real GDP grew 5.1%, the fastest expansion for that period in five years. The combined figures show trade providing substantial support while household spending advanced at a more modest pace.

Strong orders come with investment and policy risks

The government expected AI investment and continued global economic growth to support merchandise trade. A government spokesperson set out that assessment in the statement accompanying the trade figures:

Looking ahead, Hong Kong's merchandise trade performance will continue to benefit from the prevailing wave of robust AI-related investment and the resilient global economic growth,

The same spokesperson identified three external risks requiring attention:

Nonetheless, external uncertainties warrant close monitoring, including the Middle East conflict, trade protectionist measures by major economies, and risks associated with the rapid expansion of global investment in AI.

The concentration in electronics gives those risks particular weight for Hong Kong's traders. Electrical machinery and data processing equipment supplied most of September's export increase, making continued demand in these product groups especially important to the pace of growth.

Shiu expected the immediate momentum to last through October, November and December, while expressing uncertainty about the second half of 2027. The next scheduled economic update was November 13, when the government planned to publish detailed third quarter GDP figures and revise its forecast for 2026.

Key Points

• September exports rose 64.9% to HK$762.6 billion, the fastest annual increase in more than four decades.
• Imports grew 57.8% to HK$808.9 billion, leaving a goods trade deficit of HK$46.3 billion.
• Electrical machinery and office and data processing equipment supplied about 81% of the annual increase in September exports.
• Exports to Taiwan, Malaysia, Thailand, Mexico and the United States more than doubled.
• Christmas orders supported other products, but traditional industries faced higher costs and more limited benefits.
• Third quarter real GDP grew 5.2%; detailed figures and an updated annual forecast were scheduled for November 13.