2025年5月，对香港的进口同比增长18.9%，至4614亿美元，为2024年1月以来的最强劲增长，上月增长15.8%。越南（+67.3%）、英国（+49.2%）、台湾（+33.5%）、马来西亚（+27.7%）、中国大陆（+118.5%）和美国（+10.7%）的进口显著增加，而韩国（-5.0%）的进口则有所下降。按产品类别划分，大多数行业的进口都有所增长，其中以电动机械、仪器和电器及其电气部件（4月份为23.7%对16.8%）、办公机器和自动数据处理机器（69.4%对67.1%）、电信和录音及音响设备（14.8%对29.5%）、杂项制成品（2.8%对-8.7%）和发电机械设备（22.7%对20.4%）为首。相比之下，非金属矿物制品（-4.1%对-15.0%）和石油、石油产品及相关材料（-9.5%对-18.2%）的进口下降。

Imports to Hong Kong jumped 18.9% YoY to $461.4 billion in May 2025, the strongest growth since January 2024, following a 15.8% rise in the previous month. Imports rose notably from Vietnam (+67.3%), the United Kingdom (+49.2%), Taiwan (+33.5%), Malaysia (+27.7%), Mainland China (+18.5%), and the US (+10.7%), while declining from South Korea (-5.0%). By product category, imports rose across most sectors, led by electrical machinery, apparatus and appliances, and electrical parts thereof (23.7% vs 16.8% in April), office machines and automatic data processing machines (69.4% vs 67.1%), telecommunications and sound recording and reproducing equipment (14.8% vs 29.5%), miscellaneous manufactured articles (2.8% vs -8.7%), and power-generating machinery and equipment (22.7% vs 20.4%). In contrast, imports declined in non-metallic mineral manufactures (-4.1% vs -15.0%) and petroleum, petroleum products and related materials (-9.5% vs -18.2%).

香港出口继4月份增长14.7%后，2025年5月同比增长15.5%，达到4341亿美元。对亚洲市场的出口强劲增长21.8%，其中日本（+96.2%）、马来西亚（+55.3%）、台湾（+54.8%）、越南（+41.2%）、印度（+35.1%）和中国大陆（+17.6%）的出口大幅增长。相比之下，亚洲以外地区的出货量有所下降，尤其是美国（-18.4%）和英国（-52.0%）。按产品类别划分，大多数行业的出口均有所增长，其中电动机械和设备（4月份为15.5%对18.7%）、办公机器和自动数据处理机器（44.9%对46.0%）、电信和录音及音响设备（21.3%对8.5%）、杂项制成品（13.0%对0.4%）和发电机械设备（23.2%对3.8%）领涨。相比之下，非金属矿产品（-16.3%对-22.3%）和有色金属（-19.7%对-18.2%）的出口下降。

Exports from Hong Kong rose 15.5% YoY to $434.1 billion in May 2025, following a 14.7% increase in April. Exports to Asian markets expanded robustly by 21.8%, with notable gains in Japan (+96.2%), Malaysia (+55.3%), Taiwan (+54.8%), Vietnam (+41.2%), India (+35.1%) and mainland China (+17.6%). In contrast, shipments to regions outside Asia declined, particularly to the US (-18.4%) and the United Kingdom (-52.0%). By product category, exports rose across most sectors, led by electrical machinery and apparatus (15.5% vs 18.7% in April), office machines and automatic data processing machines (44.9% vs 46.0%), telecommunications and sound recording and reproducing equipment (21.3% vs 8.5%), miscellaneous manufactured articles (13.0% vs 0.4%), and power generating machinery and equipment (23.2% vs 3.8%). In contrast, exports fell in non-metallic mineral manufactures (-16.3% vs -22.3%) and non-ferrous metals (-19.7% vs -18.2%).

香港的贸易赤字从上一年同月的121亿美元扩大到2025年5月的273亿美元。出口同比增长15.5%，达到4341亿美元，主要受电动机械、仪器和电器及其电气部件（15.5%）以及办公机器和自动数据处理机器（44.9%）销售强劲增长的推动。对亚洲整体的出口激增21.8%，而对亚洲以外地区的出口下降，特别是对美国（-18.4%）和英国（-52.0%）。与此同时，进口额跃升18.9%，至4614亿美元，主要原因是电动机械、仪器和电器及其电气部件（23.7%）以及办公机器和自动数据处理机器（69.4%）的采购量增加。2025年前五个月，累计贸易逆差达到1247亿美元，出口同比增长12.6%，进口同比增长12.9%。

Hong Kong’s trade deficit widened to $27.3 billion in May 2025 from $12.1 billion in the same month of the previous year. Exports rose 15.5% year-on-year to $434.1 billion, driven by strong growth in sales of electrical machinery, apparatus and appliances, and electrical parts thereof (15.5%), as well as office machines and automatic data processing machines (44.9%). Exports to Asia as a whole surged 21.8%, while shipments to regions outside Asia declined, particularly to the US (-18.4%) and the United Kingdom (-52.0%). Meanwhile, imports jumped 18.9% to $461.4 billion, mainly due to higher purchases of electrical machinery, apparatus and appliances, and electrical parts thereof (23.7%), and office machines and automatic data processing machines (69.4%). For the first five months of 2025, the cumulative trade deficit reached $124.7 billion, with exports rising 12.6% and imports climbing 12.9% compared to the same period last year.

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The Hang Seng dropped 149 points or 0.6% to 24,325 on Thursday, snapping the four-day winning streak and retreating from a three-month high amid broad losses and profit-taking. Investor caution resurfaced on worries that Wall Street’s recent rally may have outpaced economic fundamentals, especially with persistent macro and geopolitical risks. On Capitol Hill, Fed Chair Powell stated the Fed remains cautious in evaluating how tariffs are influencing consumer prices. Pharma stocks weighed heavily on the index, with sharp declines in Innovent Biologics (-4.5%), Wuxi Biologics (-2.7%), and CSPC Pharma (-1.5%). Helping limit further downside, Premier Li Qiang voiced optimism over China’s economic stability and its consumer-driven shift. Meanwhile, Hong Kong’s IPO market showed strength, with 31 listings raising HKD 88.4 billion by June 20—already surpassing 2024’s total. In geopolitics, President Trump announced talks with Iran next week, as a fragile ceasefire with Israel holds.