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Hong Kong recorded a $68.9 billion surplus in its balance of payment account - 18.1% of GDP - in the first quarter, compared to $147.3 billion in Q4 last year, the Census & Statistics Department says.
Of the major balance of payment components, there was a current account surplus of $40.8 billion compared to $80.3 billion in Q4. A net inflow of financial non-reserve assets amounting to $31.2 billion was also recorded.
Beating the $50.3 billion figure for the same quarter in 2008, the current account surplus in Q1 was characterised by a decrease in the visible trade deficit, a decrease in the invisible trade surplus, a decrease in the net inflow of external factor income, and a continued net outflow of current transfers.
Capital transfers
A net inflow of capital transfers was estimated at $7.4 billion in Q1, as compared with a net inflow of $4.3 billion in Q4 last year.
An overall net inflow of financial non-reserve assets amounting to $31.2 billion was recorded in the first quarter, against a net inflow of $73.9 billion in the fourth quarter.
The overall net inflow of financial non-reserve assets in Q1 was the combined result of a net inflow of direct investment, a net inflow of portfolio investment, a net inflow due to cash settlement of financial derivatives, and a net outflow of other investments.
External debt
At the end of March, Hong Kong's gross external debt, measuring total outstanding gross external liabilities other than equity liabilities, amounted to $4.964 trillion.
Compared with the end of December, gross external debt fell by $150.9 billion. This was attributable to the decreases in direct investment debt liabilities (inter-company lending), as well as external debt of other sectors, the banking sector, the General Government and the Monetary Authority.
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