Hong Kong Exports Surge 64.9% in September, Fastest Growth in Over 40 Years

Hong Kong's exports surged 64.9 per cent year on year in September, the fastest pace in more than four decades, as demand for artificial intelligence-related products continued to drive trade. Provisional data from the Census and Statistics Department, released on Wednesday, put the total value of exports at HK$762.6 billion (US$97.8 billion), building on a 53 per cent jump in August. A South China Morning Post check of historical records found that the last time growth was higher was in January 1984, when it reached 65.1 per cent. A government spokesman said September was the 20th straight month of double-digit expansion.

Shipments to Asia climbed 67.5 per cent, with most major destinations recording gains. Taiwan led at 159.3 per cent, followed by Malaysia at 131.5 per cent and Thailand at 118 per cent. On the import side, South Korea again set the pace, with the value of goods from the country soaring 231.1 per cent, ahead of Vietnam at 118.7 per cent and Malaysia at 73.9 per cent. Total imports rose 57.8 per cent to HK$808.9 billion, leaving a trade deficit of HK$46.3 billion, or 5.7 per cent of import value. Across the first nine months of 2026, exports grew 45.2 per cent and imports 45 per cent, producing a cumulative deficit of HK$417.7 billion.

By commodity, the worldwide rush for AI hardware underpinned the streak. Exports of electrical machinery and parts rose 66.2 per cent to HK$390.8 billion, while office machines and automatic data processing machines expanded 183.7 per cent to HK$135.4 billion.

Lee Shu-kam, director of the Business, Economic and Public Policy Research Centre at Hong Kong Shue Yan University, linked the surge to front-loading, since AI products are heavily exposed to US tariff policy. He argued that buyers are rushing to secure goods before the rules become clear, and that Hong Kong is benefiting by importing large volumes and re-exporting them as an intermediary. He expects the momentum to last until tariff policy is settled later next year, although monthly growth may not match September's level.

The government spokesman struck an optimistic tone, saying merchandise trade should continue to gain from strong AI-related investment and resilient global growth. He cautioned, however, that external risks require close watching, including the Middle East conflict, protectionist measures by major economies and the dangers tied to the fast expansion of global AI investment.

Robust exports have supported the broader economy this year, with gross domestic product rising 4.3 per cent year on year in the second quarter. In August, the government lifted its full-year growth forecast to a range of 3.5 to 4.5 per cent, up from 2.5 to 3.5 per cent.