AI fuels boom as Hong Kong exports soar 53% to record HK$641 billion in June

Lead

Hong Kong's exports surged by 53.4 per cent year on year in June, reaching a record HK$641.1 billion, propelled by strong overseas demand for artificial intelligence-related products, according to provisional figures from the Census and Statistics Department.

The sharp increase, the steepest in 42 years, followed a 40.8 per cent rise in May. Imports also climbed by 45.4 per cent to HK$693 billion, resulting in a trade deficit of HK$51.9 billion, equivalent to 7.5 per cent of the value of goods imported in June.

Separate data showed Hong Kong's retail sales rose by 4.6 per cent year on year in June, extending a growth streak to 14 months, with sales of jewellery, watches, clocks and valuable gifts leading the gains.

Coverage Comparison

The South China Morning Post reported the export figures, quoting a government spokesman who attributed the growth to sustained global demand for electronic products related to AI. The spokesman noted that most major markets continued to show "remarkable growth" and that robust demand for AI-related products should provide continued support to Hong Kong's merchandise trade performance.

A second report focused on retail sales, citing the same government spokesman saying that "continued economic expansion, rising local incomes, and a steady increase in inbound visitors" were expected to support the sector, while acknowledging external uncertainties as a downside risk.

A third article featured economist Billy Mak Sui-choi of Hong Kong Baptist University, who expressed optimism that the export surge would continue, saying global AI demand was "far from saturated" and that GDP growth could surpass official forecasts.

Key Claims

• Hong Kong exports rose 53.4 per cent year on year in June to a record HK$641.1 billion, the sharpest increase in 42 years.
• Imports rose 45.4 per cent to HK$693 billion, leading to a trade deficit of HK$51.9 billion.
• Retail sales increased by 4.6 per cent year on year in June, with sales of jewellery, watches, clocks and valuable gifts surging by 20.1 per cent.
• Economists, including Billy Mak Sui-choi, project continued growth in exports driven by AI demand, with GDP growth potentially exceeding official forecasts.

Perspectives

• Government: The Hong Kong government attributed the export growth to sustained global demand for AI-related electronics and expressed cautious optimism, while noting risks from geopolitical tensions in the Middle East and external uncertainties.
• Economist: Billy Mak Sui-choi provided an independent view, arguing that global AI demand remains far from saturated and that countries' continued investment in AI hardware would sustain Hong Kong's export performance.