Hong Kong’s external trade picked up in the first half of 2026, with latest trade statistics showing that both export and import volumes climbed alongside higher unit values.

“The performance of Hong Kong’s external trade in H1 demonstrates the strong recovery resilience of the city’s trade network amid a complex and volatile global geopolitical and economic landscape,” said Tommy Chung Ki-fung, a Hong Kong lawmaker representing the import-and-export sector. He added that high-value-added goods, including artificial intelligence and high-tech electronic products, are now the core engine driving the expansion.

The merchandise export volume growth accelerated to 34.3 percent year-on-year in June, outpacing the 28.7 percent growth for the first half of the year, according to Census and Statistics Department data released on Thursday. Meanwhile, total imports volume recorded a 27.5 percent year-on-year rise in June, slower than the 30.4 percent increase for the first six months of the year.

ALSO READ: Hong Kong exports jump 53.4% in June on strong AI demand

By end-use category, export quantum indexes for raw materials and semi-manufactures, together with capital goods, posted positive year-on-year readings each month in the first half, underpinning the overall rise in total export volumes.

On a monthly year-on-year basis, unit value indexes for raw materials and semi-manufactures, along with capital goods, continued to climb steadily in both imports and exports over the first half, with export unit values rising 16.8 percent and 12.0 percent year-on-year respectively in June.

In terms of main destinations, the United States was one of the primary drivers of export volume expansion in June, with year-on-year surges of 85.2 percent. South Korea and Vietnam powered import volume surge in June, with year-on-year jumps of 109.2 percent and 74.7 percent respectively.

As for prices, total merchandise exports and imports rose by 7.9 percent and 7.6 percent respectively in the first half of the year from a year earlier.

On the import side, fuel quantum index posted a downward trend over the first half.

Fuel import unit value indexes rebounded from a 10.1 percent year-on-year drop in January to a peak in April, before easing to 38.1 percent growth in June.

Chung expects that fuel price growth will ease modestly on both the import and export sides. However, he warned that “persistently rising prices for raw materials and equipment across the electronics supply chain are pushing up Hong Kong’s import costs and reexport prices to the Chinese mainland and other markets.”

“If this upward trend continues, it will lead to higher consumer goods prices, amplifying overall inflationary pressure,” Chung added. For the second-half outlook, he recommends all stakeholders monitor contract renewals and price swings, and to utilize Hong Kong’s financial and derivative tools to hedge risks while tapping the flexibility of the city’s high-value-added supply chain service hub.

READ MORE: Overseas orders boost trade growth in Greater Bay Area

Commenting on export figures in June, Bruce Pang, director of research at the Hong Kong Trade Development Council, earlier said that “Hong Kong’s merchandise exports could see moderating growth momentum in the coming months, amid a likely gradual steadying of the technology upcycle, an easing global economy, as well as the high-base effect from last year.” And the council maintains its projection of above 20 percent export expansion for the full year.

Contact the writer at charlottezhou@chinadailyhk.com