Hong Kong Exports Surge 64.9% in September, Highest Growth in Over 40 Years Driven by AI Products and Tariff Front-Loading
Hong Kong's September exports jumped 64.9% year-on-year to HK$762.6 billion, marking the fastest growth since January 1984. The surge was fueled by robust global demand for AI-related hardware and companies rushing to stockpile goods ahead of potential US tariff changes.
Preliminary data released by the Hong Kong Census and Statistics Department on Wednesday showed that total export values surged 64.9% year-on-year in September, reaching HK$762.6 billion (US$97.8 billion). This represents the highest monthly growth rate in more than four decades, surpassing the previous peak recorded in January 1984. The figure follows a 53% increase in August, marking the 20th consecutive month of double-digit growth.
Artificial intelligence-related products were a primary driver of this momentum. Exports of electrical machinery and parts soared 66.2% to HK$390.8 billion, while office machines and automatic data processing equipment expanded by 183.7% to HK$135.4 billion. A government spokesman noted that while trade performance continues to benefit from the wave of AI investment, risks such as Middle East conflicts, trade protectionism, and the rapid expansion of global AI investment warrant close monitoring.
Beyond AI demand, uncertainty surrounding US tariff policies has led to significant front-loading of orders. Lee Shu-kam, director of the Business, Economic and Public Policy Research Centre at Hong Kong Shue Yan University, attributed the surge to companies rushing to buy AI products before policy clarity emerges. He estimated that this strength would likely persist until tariff policies become clear later next year, though subsequent months may not match September's record pace.
Exports to Asia rose 67.5% year-on-year, with particularly sharp increases to Taiwan (159.3%), Malaysia (131.5%), and Thailand (118%). Total imports grew 57.8% to HK$808.9 billion, resulting in a trade deficit of HK$46.3 billion. For the first nine months of 2026, overall exports and imports increased by 45.2% and 45% respectively, accumulating a trade deficit of HK$417.7 billion.