FX.co ★ Hong Kong Trade Deficit Widens in November

Hong Kong's trade deficit expanded to $48.5 billion in November 2025, compared to $43.4 billion in the corresponding month of the prior year. Export values increased by 18.8% year-on-year to $468.9 billion, primarily fueled by a surge in sales of electrical machinery, apparatus, appliances, and their components (+15.9%), along with telecommunications and sound recording and reproducing equipment (+36.8%). Notably, exports witnessed the most significant growth to the US (+44.4%), Malaysia (+72.0%), Vietnam (+54.9%), and the Netherlands (+36.4%). Concurrently, import figures rose by 18.1% to $517.4 billion, largely owing to an uptick in purchases of electrical machinery, apparatus, appliances, and their components (+16.9%), as well as telecommunications and sound recording and reproducing equipment (+34.3%). Imports saw the most substantial increase from Vietnam (+102.3%), Malaysia (+21.5%), and the US (+17.8%). Overall, for the first eleven months of the year, the cumulative trade deficit amounted to $382.8 billion, with exports and imports climbing by 14.3% and 14.1%, respectively.