Hong Kong recorded a $55 billion surplus in its balance of payments account in the year's first quarter, $23.3 billion less than the previous quarter, the Census & Statistics Department says.

Of the major balance of payments components there was a current account surplus of $52.9 billion and a net inflow of financial non-reserve assets amounting to $18.6 billion.

The visible trade deficit rose to $46.1 billion while the invisible trade surplus grew to $87.1 billion. Overall a combined visible and invisible trade surplus of $41 billion was recorded, down on the $42.5 billion figure for the same quarter last year.

External factor income inflow and outflow amounted to $233.6 billion and $215.6 billion, yielding a net inflow of $18 billion.

Capital transfers

A current transfer outflow of $6.7 billion and an inflow of $600 million was recorded, resulting in a net outflow of $6 billion.

In the first quarter a net inflow of capital transfers was estimated at $2.6 billion and an overall net inflow of financial non-reserve assets amounting to $18.6 billion was recorded. 

The overall net inflow of financial non-reserve assets was the combined result of a net inflow of direct investment, a net outflow of portfolio investment, a net inflow due to cash settlement of financial derivatives, and a net inflow of other investment.

At the end of March, Hong Kong's gross external debt, measuring the total outstanding gross external liabilities other than equity liabilities, amounted to $5.307 trillion, equivalent to 321% of GDP.