AI product exports drive Hong Kong's fastest monthly trade growth in 40 years
Hong Kong's exports surged more than 60 per cent year-on-year in September, the fastest single-month growth in over four decades, according to Commerce Secretary Algernon Yau. The boom was driven by artificial-intelligence-related electronics, pushing re-exports past HK$700 billion, though Yau warne
Hong Kong's exports surged by more than 60 per cent in September compared with the same month last year, marking the fastest single-month growth rate in more than 40 years, according to Algernon Yau Ying-wah, Secretary for Commerce and Economic Development.
Yau said the rapid expansion was primarily driven by the export of artificial-intelligence-related electronic products. The surge has pushed the city's annual re-export trade value to more than HK$700 billion, equivalent to 1.4 times Hong Kong's gross domestic product.
However, Yau warned that the global outlook remains highly uncertain and Hong Kong's economy remains susceptible to external factors, even though some regional conflicts may show signs of easing. He noted that the rapid expansion of AI technology could potentially slow down.
The government will continue to closely monitor global trends, explore new opportunities, and actively expand the city's trade networks, Yau said.
Yau also highlighted that the Asia-Pacific Economic Cooperation Economic Leaders' Meeting is set to begin in Shenzhen this week, aiming to foster regional economic cooperation, peaceful co-development, trade innovation and AI advancement.
Furthermore, Yau noted that Hong Kong has been included in the Accession Working Group under the Regional Comprehensive Economic Partnership, which enables Hong Kong to lobby individual member states in support of its bid to join the trade pact. Upon successful accession, the various trade arrangements under the agreement will automatically extend to Hong Kong, bringing substantial benefits to the local economy.