Source: Hong Kong Government special administrative region
The Government announced today (February 27) its financial results for the 10 months ended January 31, 2026.
Expenditure and revenue from April 2025 to January 2026 amounted to HK$627.3 billion and HK$614.9 billion respectively, resulting in a surplus of HK$87.9 billion after taking into account HK$142.3 billion received from issuance of Government Bonds and repayment of HK$42 billion principal on Government Bonds. The fiscal reserves stood at HK$742.2 billion as at January 31, 2026.
Taking into account the forecast revenue and expenditure for the remaining two months, the surplus for the 2025-26 financial year is expected to be HK$2.9 billion and the fiscal reserves are estimated to be HK$657.2 billion as at the end of March 2026.
Detailed figures are shown in Tables 1 and 2.
TABLE 1. CONSOLIDATED ACCOUNT (Note 1) Government Debts as at January 31, 2026 (Note 3) HK$414,754 million Debts Guaranteed by Government as at January 31, 2026 (Note 4) HK$112,964 million
TABLE 2. FISCAL RESERVES Notes:
1. This Account consolidates the General Revenue Account and the following eight Funds: Capital Works Reserve Fund, Capital Investment Fund, Civil Service Pension Reserve Fund, Disaster Relief Fund, Innovation and Technology Fund, Land Fund, Loan Fund and Lotteries Fund. It excludes the Bond Fund, the balance of which is not part of the fiscal reserves. The Bond Fund balance as at January 31, 2026, was HK$155,142 million.
Source: Hong Kong Government special administrative region
External merchandise trade statistics for January 2026 In January 2026, the value of total exports of goods increased by 33.8% over a year earlier to $520.6 billion, after a year-on-year increase by 26.1% in December 2025. Concurrently, the value of imports of goods increased by 38.1% over a year earlier to $534.7 billion in January 2026, after a year-on-year increase by 30.6% in December 2025. A visible trade deficit of $14.1 billion, equivalent to 2.6% of the value of imports of goods, was recorded in January 2026.
Comparing the three-month period ending January 2026 with the preceding three months on a seasonally adjusted basis, the value of total exports of goods increased by 9.4%. Meanwhile, the value of imports of goods increased by 10.9%.
Analysis by country/territory
Comparing January 2026 with January 2025, total exports to Asia as a whole grew by 37.3%. In this region, increases were registered in the values of total exports to some major destinations, in particular Taiwan (+88.8%), Malaysia (+81.1%), Chinese Mainland (the Mainland) (+40.6%), Singapore (+32.4%), Thailand (+31.1%) and Vietnam (+31.0%).
Apart from destinations in Asia, increases were registered in the values of total exports to most major destinations in other regions, in particular Switzerland (+105.1%), the Netherlands (+39.5%) and the USA (+23.3%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Vietnam (+129.8%), India (+125.1%), Korea (+75.0%), the Mainland (+46.6%) and Singapore (+42.8%).
Comparing the three months ending January 2026 with the same period in 2025, increases were registered in the values of total exports to most major destinations, in particular Malaysia (+96.3%), Taiwan (+70.2%), the United Arab Emirates (+66.4%), Thailand (+47.5%) and the Mainland (+26.8%).
Over the same period of comparison, increases were registered in the values of imports from most major suppliers, in particular Vietnam (+133.6%), India (+81.2%), the Mainland (+34.7%), the United Kingdom (+31.1%) and Korea (+22.3%).
Analysis by major commodity
Comparing January 2026 with January 2025, increases were registered in the values of total exports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $71.6 billion or +39.4%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $24.2 billion or +51.9%).
Over the same period of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $76.2 billion or +44.8%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $34.2 billion or +80.0%).
Comparing the three months ending January 2026 with the same period in 2025, increases were registered in the values of total exports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $163.7 billion or +28.4%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $61.7 billion or +45.2%).
Over the same period of comparison, increases were registered in the values of imports of most principal commodity divisions, in particular “electrical machinery, apparatus and appliances, and electrical parts thereof” (by $168.4 billion or +29.1%) and “telecommunications and sound recording and reproducing apparatus and equipment” (by $80.7 billion or +57.2%).
Commentary
A Government spokesman said that the value of merchandise exports posted a sharp rise in January, surging by 33.8% over a year earlier. Exports to most markets and of most major commodities increased visibly. While the low base of comparison last year amid the early arrival of Chinese New Year contributed to the strong year-on-year rise, the underlying growth momentum remained robust. On a seasonally adjusted basis, the value of merchandise exports in the three-month period ending January picked up to increase by 9.4% over the preceding three-month period.
Looking ahead, Hong Kong’s merchandise trade performance will be underpinned by the sustained moderate expansion of the global economy and strong global demand for AI-related electronic products. Meanwhile, the Government will stay vigilant to the trade policy developments in the external environment.
Further information
Table 1 presents the analysis of external merchandise trade statistics for January 2026. Table 2 presents the original monthly trade statistics from January 2023 to January 2026, and Table 3 gives the seasonally adjusted series for the same period.
The values of total exports of goods to 10 main destinations for January 2026 are shown in Table 4, whereas the values of imports of goods from 10 main suppliers are given in Table 5.
Tables 6 and 7 show the values of total exports and imports of 10 principal commodity divisions for January 2026.
All the merchandise trade statistics described here are measured at current prices and no account has been taken of changes in prices between the periods of comparison. A separate analysis of the volume and price movements of external merchandise trade for January 2026 will be released in mid-March 2026.
Source: Hong Kong Government special administrative region
Flower Show to adorn Victoria Park with theme flower stock from March 20 Native to Southern Europe and the Mediterranean, stock is a perennial herbaceous plant of the genus Matthiola in the Brassicaceae family. It blooms from early spring to early summer. The stock is readily identifiable by its characteristic four-petalled cross-shaped flowers. The inflorescence is a raceme, with clusters of around 10 small flowers in terminal and on stalks. The sun-loving flowers open in bursts from the bottom upwards.
The stock comes in an array of colours, ranging from vibrant classic ones like purple, pink, white and yellow, to fresher and softer hues of newer cultivars, such as pale lilac, creamy yellow and pastel pink. Extensive cultivation and improvements have produced a host of single-petalled and double-petalled cultivars, which vary in height and size, each with its own attractiveness.
With its dazzling colour, heady scent, abundant supply and relatively long blooming period, the stock is deeply adored by gardening enthusiasts. Whether grown in parterres, pots or used as cut flowers, it brings fragrance and beauty. Essential oils of stock have long been used in perfumes and aromatherapy.
In addition to this year’s theme flower and other flowering plants, the gardens along the central axis are specially infused with strong Hong Kong characteristics, bringing visitors the city’s unique cultural diversity and urban charm amid floral fragrances in the air. The event will showcase a large collection of exquisite potted plants, beautiful floral arrangements and well-crafted landscape displays by local, Mainland and overseas organisations. There will also be commercial stalls selling flowers and horticultural products. A wide variety of educational and recreational fringe activities will also be held for visitors of all ages to enjoy.
Source: Hong Kong Government special administrative region
The Housing Bureau (HB) today (February 27) invites tender for the 12th and also the last operation and management contract of Light Public Housing (LPH). Capable and experienced organisations are encouraged to participate.
The project is located at Hang Kwong Street, Ma On Shan, providing about 855 LPH units, with intake tentatively scheduled in the fourth quarter of this year. Same as the previous contracts, the LPH operation and management services mainly cover occupant management, property management, daily maintenance, as well as the provision of social services, and management and operation of ancillary facilities, etc. To encourage participation of different stakeholders in the community, the HB welcomes tenders from all capable and experienced service providers, including non-government organisations and those with a valid property management company licence, or a collaboration between them.
Source: Hong Kong Government special administrative region
Applications for Bun Scrambling Competition on Cheung Chau to close next Friday The maximum capacity for the Competition is 200 participants. Places will be allocated by ballot via the SmartPLAY system. Applicants who reside in, work or study on Cheung Chau will be accorded priority in the ballot.
Source: Hong Kong Government special administrative region
Appointments to Law Reform CommissionChief Justice of the Court of Final Appeal (ex officio member) Law Draftsman (ex officio member) Mr Justice Johnson Lam Man-hon Mr Stephen Hung Wan-shun Mrs Janice Choi Kwan Wing-kum Mrs Margaret Leung Ko May-yee Professor Alexander Loke Professor Michael Jackson Ms Frances Lok Man-yin, SC Professor Xi Chao Ms Tammy Tam Wai-yi Issued at HKT 11:00
Source: Hong Kong Government special administrative region
Three other new drugs approved for registration under “1+” mechanism Three new drugs approved ——————————–
The “1+” mechanism has been implemented since November 1, 2023, to facilitate the registration of new drugs used for the treatment of life-threatening or severely debilitating diseases in Hong Kong. With effect from November 1, 2024, the “1+” mechanism has been extended to all new drugs, including all new chemical or biological entities and new indications, and vaccines and advanced therapy products. New drugs that are supported by local clinical data and recognised by local experts can be applied for registration in Hong Kong by submitting evidence of approval from one reference drug regulatory authority (instead of two in the past).
The above new drug used to treat type 2 diabetes mellitus has been approved by the National Medical Products Administration, while the other two have been approved by the regulatory authority of the United States and submitted for registration applications under the “1+” mechanism. Having evaluated the clinical data and relevant information submitted by the applicants and advice given by local experts, the Registration Committee under the Pharmacy and Poisons Board of Hong Kong considered that the new drugs satisfied the criteria of safety, efficacy and quality, and approved the registration of the new drugs. The Department of Health (DH) has already notified the applicants of the results of their applications.
Paving the way towards primary evaluation ————————————————
Since the implementation of the “1+” mechanism, a total of 19 new drugs, including the above three drugs, have been approved under this mechanism. Seven of them have been listed in the Hospital Authority Drug Formulary. The DH has been promoting the “1+” mechanism through different channels and has so far received more than 770 enquiries from around 200 pharmaceutical companies, including those from overseas and the Mainland. Many companies have expressed interest in submitting applications for registration of their products, including advanced therapy products, under the extended “1+” mechanism. Since the launch of the pre-new drug application consultation service in March last year, the DH has already held a number of briefing seminars and workshops. The DH has also rolled out pre-new drug application meetings since December last year to enhance efficiency in processing relevant applications.
“The Chief Executive’s 2025 Policy Address” announced that the Government will accelerate the reform of the regulatory system of drugs and medical devices, thereby consolidating Hong Kong’s position as an international health and medical innovation hub. The DH will expedite the “1+” mechanism for new drugs, piloting priority evaluation and approval of innovative drugs as recommended by the Hospital Authority for treatment of severe or rare diseases and to accelerate patients’ use of the advanced treatments. The DH will establish the Hong Kong Centre for Medical Products Regulation by the end of 2026, and implement “primary evaluation” for new drug registration in phases beginning in 2026. The DH will continue to proactively advance preparatory work for “primary evaluation” for new drug registration and progressively establish a robust approval system, providing strong momentum for the development and market expansion of the healthcare industry in the HKSAR, the Mainland, and beyond, thereby transforming Hong Kong into an international health and medical innovation hub. Issued at HKT 18:50
Source: Hong Kong Government special administrative region
Tender for re-opening of 5-year RMB HKSAR Institutional Government Bonds to be held on March 5 An additional amount of RMB1.25 billion of the outstanding 5-year Bonds (issue no. 05GB3005001) will be on offer. The Bonds will mature on May 15, 2030 and will carry interest at the rate of 1.97 per cent per annum payable semi-annually in arrear. The Indicative Pricings of the Bonds on February 27, 2026 are 101.08 with a semi-annualised yield of 1.702 per cent.
Source: Hong Kong Government special administrative region
Tender for re-opening of 1-year RMB HKSAR Institutional Government Bonds to be held on March 5
Issue Number9.30am to 10.30am (The accrued interest to be paid for tender amount exceeding RMB50,000 may not be exactly equal to the figures calculated from the accrued interest per minimum denomination of RMB50,000 due to rounding).the Stock Exchange of Hong Kong LimitedIssued at HKT 17:00
Source: Hong Kong Government special administrative region
Government appoints directors to HKEX Board The Financial Secretary, Mr Paul Chan, said, “Mr Clement Chan possesses extensive experience in the financial services industry, particularly in the accounting and auditing sector, and has broad participation in public service relating to the securities and futures market. He will be able to support the HKEX in promoting the high-quality and sustainable development of the market.”
Mr Paul Chan also expressed his sincere gratitude to the retiring director, Mrs Susan Chow, for her contribution to the development of the HKEX over the years.
The above appointments are made in accordance with Section 77 of the Securities and Futures Ordinance. The Board of Directors of the HKEX comprises a maximum of six directors appointed by the Financial Secretary, a maximum of six directors elected by shareholders, and the Chief Executive of the HKEX. Other incumbent directors appointed by the Financial Secretary are Mr Carlson Tong Ka-shing, Mr Joseph Yam Chi-kwong and Ms Ding Chen. Issued at HKT 17:00