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     Further to the external merchandise trade statistics in value terms for January 2025 released earlier on, the Census and Statistics Department (C&SD) released today (March 17) the volume and price statistics of external merchandise trade for that month.
 
     In January 2025, the volume of Hong Kong’s total exports of goods and imports of goods decreased by 2.0% and 1.7% respectively over January 2024. Due to the difference in timing of the Lunar New Year holidays, it is more appropriate to analyse the trade figures for January and February taken together in making year-on-year comparison.
 
     Comparing the three months ending January 2025 with the three months ending January 2024, the volume of Hong Kong’s total exports of goods and imports of goods decreased by 0.1% and 0.8% respectively.
 
     Comparing the three-month period ending January 2025 with the preceding three months on a seasonally adjusted basis, the volume of total exports of goods and imports of goods increased by 2.7% and 0.3% respectively.
 
     Changes in volume of external merchandise trade are derived from changes in external merchandise trade value with the effect of price changes discounted.
 
     Comparing January 2025 with January 2024, the prices of total exports of goods and imports of goods both increased by 2.0%.
 
     Price changes in external merchandise trade are reflected by changes in unit value indices of external merchandise trade, which are compiled based on average unit values or, for certain commodities, specific price data.
 
     The terms of trade index is derived from the ratio of price index of total exports of goods to that of imports of goods.  Compared with the same period in 2024, the index remained virtually unchanged in January 2025.
 
     Changes in the unit value and volume of total exports of goods by main destination are shown in Table 1.
 
     Comparing January 2025 with January 2024, declines were recorded for the total export volume to India (-22.1%), the mainland of China (the Mainland) (-3.6%) and Taiwan (-2.2%). On the other hand, the total export volume to the USA (12.2%) and Vietnam (65.9%) increased.
 
     Over the same period of comparison, the total export prices to Vietnam (4.0%), Taiwan (4.0%), the USA (2.4%) and the Mainland (1.6%) increased. On the other hand, the total export prices to India decreased by 1.2%.
 
     Changes in the unit value and volume of imports of goods by main supplier are shown in Table 2.
 
     Comparing January 2025 with January 2024, declines were recorded for the import volume from Korea (-25.3%) and the Mainland (-9.0%). On the other hand, the import volume from Singapore (2.9%), Taiwan (32.1%) and Malaysia (44.8%) increased.
 
     Over the same period of comparison, the import prices from all main suppliers increased: Korea (8.4%), Malaysia (5.3%), Taiwan (3.1%), Singapore (2.1%) and the Mainland (0.3%).
 
Further information
 
     Details of the above statistics are published in the January 2025 issue of “Hong Kong Merchandise Trade Index Numbers”.  Users can browse and download the report at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1020006&scode=230).
 
     Enquiries on merchandise trade indices may be directed to the Trade Analysis Section of the C&SD (Tel: 2582 4918). read more

     The Census and Statistics Department (C&SD) released today (March 17) the preliminary statistics on Hong Kong’s Gross National Income (GNI) and related figures for the fourth quarter of 2024 and the whole year of 2024.
 
     Hong Kong’s GNI, which denotes the total income earned by Hong Kong residents from engaging in various economic activities, increased by 7.1% in the fourth quarter of 2024 over a year earlier to $898.6 billion at current market prices. The Gross Domestic Product (GDP), estimated at $836.5 billion at current market prices in the same quarter, recorded a 5.3% increase over a year earlier. The value of GNI was larger than GDP by $62.1 billion in the fourth quarter of 2024, which was equivalent to 7.4% of GDP in that quarter, mainly attributable to a net inflow of investment income.
 
     After netting out the effect of price changes over the same period, Hong Kong’s GNI increased by 5.2% in real terms in the fourth quarter of 2024 over a year earlier. The corresponding GDP in the same quarter increased by 2.4% in real terms.
 
     Hong Kong’s total inflow of primary income, which mainly comprises investment income, estimated at $496.8 billion in the fourth quarter of 2024 and equivalent to 59.4% of GDP in that quarter, recorded an increase of 8.1% over a year earlier. Meanwhile, total primary income outflow, estimated at $434.7 billion in the fourth quarter of 2024 and equivalent to 52.0% of GDP in that quarter, also increased by 4.9% over a year earlier.
 
     As for the major components of investment income inflow, direct investment income (DII) increased significantly by 10.8% over a year earlier, mainly due to the increase in earnings of some prominent local enterprises from their direct investment abroad. Portfolio investment income (PII) recorded a significant increase of 13.4% over a year earlier, mainly attributable to the increase in interest income received by resident investors from their holdings of non-resident debt securities.
 
     Regarding the major components of investment income outflow, DII increased by 6.1% over a year earlier, mainly due to the increase in earnings of some prominent multinational enterprises from their direct investment in Hong Kong. PII increased significantly by 11.6%, mainly attributable to the increase in interest payout to non-resident investors from their holdings of resident debt securities and the increase in dividend payout to non-resident investors from their holdings of resident equity securities.
 
     Analysed by country/territory, the mainland of China continued to be the largest source of Hong Kong’s total primary income inflow in the fourth quarter of 2024, accounting for 42.0%. This was followed by the British Virgin Islands (BVI), with a share of 17.6%. Regarding total primary income outflow, the mainland of China and the BVI remained the most important destinations in the fourth quarter of 2024, accounting for 27.5% and 21.9% respectively.
 
     For 2024 as a whole, Hong Kong’s GNI increased by 7.5% over a year earlier to $3,477.8 billion at current market prices. The difference of $300.8 billion from GDP for the same year (estimated at $3,177.0 billion) represented a net primary income inflow of the same amount and was equivalent to 9.5% of GDP in that year. The total primary income inflow was estimated at $2,204.0 billion, or 69.4% of GDP in 2024 while the corresponding outflow at $1,903.2 billion, or 59.9% of GDP in 2024. After netting out the effect of price changes, Hong Kong’s GNI increased by 5.0% in real terms in 2024 over 2023.
 
Further Information
 
     GDP and GNI are closely related indicators for measuring economic performance. GDP is a measure of the total value of production of all resident producing units of an economy. GNI denotes the total income earned by residents of an economy from engaging in various economic activities, irrespective of whether the economic activities are carried out within the economic territory of the economy or outside.
 
     Figures of GNI and primary income flows analysed by income component from the first quarter of 2023 to the fourth quarter of 2024 are presented in Table A, while selected major country/territory breakdowns of primary income inflow and outflow for the same quarters are presented in Tables B(1) and B(2) respectively.
 
     Statistics on GDP and GNI from 2023 onwards and primary income flows for 2024 are subject to revision when more data are incorporated.
 
     More detailed statistics are given in the report “Gross National Income and External Primary Income Flows, Fourth Quarter 2024”. Users can browse and download this publication at the website of the C&SD (www.censtatd.gov.hk/en/EIndexbySubject.html?pcode=B1040005&scode=250).
 
     For enquiries about GNI and related statistics, please contact the Balance of Payments Branch (2) of the C&SD (Tel: 3903 7054 or email: gni@censtatd.gov.hk). read more

     â€‹Hong Kong Custom seized about 138 kilograms of suspected cannabis buds with an estimated market value of about $35 million in Kwai Chung on March 12.
      
     Through risk assessment, Customs on that day inspected a seaborne consignment, arriving in Hong Kong from Thailand and declared as carrying frozen pork, at the Kwai Chung Customhouse Cargo Examination Compound. Upon inspection, Customs officers found around 138kg of suspected cannabis buds inside a container.
      
     The investigation is ongoing.
      
     Under the Dangerous Drugs Ordinance, trafficking in a dangerous drug is a serious offence. The maximum penalty upon conviction is a fine of $5 million and life imprisonment.
      
     Members of the public may report any suspected drug trafficking activities to Customs’ 24-hour hotline 182 8080 or its dedicated crime-reporting email account (crimereport@customs.gov.hk) or online form (eform.cefs.gov.hk/form/ced002/en/).

  

     Following is the speech by the Chief Secretary for Administration, Mr Chan Kwok-ki, at the Kick-off Ceremony of Entertainment Expo Hong Kong 2025 today (March 17):

尊敬的燕副�長 (Deputy Director-General of the International Cooperation Department of the National Radio and Television Administration, Ms Yan Ni), Peter (Chairman of the Hong Kong Trade Development Council, Dr Peter Lam), Leon (Hong Kong Entertainment Ambassador, Mr Leon Lai), distinguished guests, ladies and gentlemen,

     Good afternoon. It is my great pleasure to join you all, once again, for the opening ceremony of the 21st Entertainment Expo Hong Kong.

     This annual Expo is a vibrant showcase of Hong Kong’s film, television, music and digital entertainment events. This year, the Expo features nine major events, each smartly designed to highlight the region’s entertainment industry, its digital transformation and opportunities for cross-regional collaboration. 

     FILMART, one of the Expo’s founding events, opens today and runs until March 20. As Asia’s leading marketplace for the creative industries, it features over 760 exhibitors from more than 30 countries and regions this year.

     A highlight of FILMART this year is Producers Connect, a series of events created to encourage coproductions and collaborations among producers from Hong Kong and around the world.  

     Another new feature is the AI Hub, which showcases AI innovations and promotes AI usage in the entertainment industry through conferences, forums and exhibitions.

     The 49th Hong Kong International Film Festival will begin on April 10. It is Asia’s longest-running international film festival, and a pioneer in introducing Hong Kong, Chinese-language and Asian cinema and filmmakers to the world.  

     The Festival will showcase over 300 screenings from more than 60 countries and regions, along with forums and masterclasses by distinguished international filmmakers. 

     This Thursday (March 20), the 12th Microfilm Production Support Scheme Awards Ceremony will take place. Awards will be presented, and winning works will be screened. The Scheme supports local advertising production companies and directors by providing funding, professional guidance, training, and promotion, helping them create original microfilms that showcase creativity and talent.

     Then, there is the Hong Kong – Asia Film Financing Forum, which received close to 400 submissions from 45 countries and regions this year. The Forum connects filmmakers with global partners for investment and co-production. Forty-eight film projects were selected for this year’s Forum, and new to this year is a section focused on animated feature films at various production stages.  

     Entertainment Pulse and the Digital Entertainment Summit returns this year, offering in-depth discussions on content creation, generative AI applications and other hot topics.

     New to the Expo is tomorrow night’s Hong Kong Film Music Fiesta, a music concert celebrating Hong Kong’s outstanding composers and filmmakers, and showcasing the unique charm of Hong Kong film music. 

     Last night, the 18th Asia Film Awards presentation ceremony honoured 30 outstanding films from 25 countries and regions. And on April 27, the 43rd Hong Kong Film Awards presentation ceremony will celebrate the best films from a great year for Hong Kong cinema. 

     Ladies and gentlemen, the Hong Kong SAR (Special Administrative Region) Government is deeply committed to supporting the development of the entertainment industry in the city. The Cultural and Creative Industries Development Agency, under the Culture, Sports and Tourism Bureau, provides instrumental support through its Film Development Fund and CreateSmart Initiative. 

     The Government also supports content development for streaming, TV variety shows, and film productions. The newly launched Film Production Financing Scheme 2.0 and Film Production Grant Scheme for Promoting Chinese Culture will bring far-reaching benefits to Hong Kong’s cultural and creative industries. 

     My thanks to the Hong Kong Trade Development Council, our Hong Kong Entertainment Ambassador Leon, and all participating organisations for making this year’s Entertainment Expo a success. 

     I would also like to extend our heartfelt gratitude to the National Radio and Television Administration for their unwavering support of the event over the years.

     I wish you all the best in business and entertainment at this year’s Expo. And for those from out of town, I know you will have a memorable stay in Hong Kong, a global hub where East meets West for cultural exchange – and entertainment, too. 

     Thank you very much. read more

     The effective exchange rate index for the Hong Kong dollar on Monday, March 17, 2025 is 106.4 (up 0.1 against last Saturday’s ndex).

     â€‹The effective exchange rate index for the Hong Kong dollar on Saturday, March 15, 2025 was 106.3 (down 0.1 against last Friday’s index). read more