2023.03.2112:59:00UTC+00Hong Kong Current Account Surplus Shrinks To HK$63.8 Bln

Hong Kong's current account surplus decreased considerably in the final quarter of 2022, figures from the Census and Statistics Department showed on Tuesday.

The current account surplus declined to HK$63.8 billion in the December quarter from HK117.1 billion in the September quarter. The surplus also decreased from HK$82.8 billion in the corresponding period last year.

This implies that Hong Kong's savings were greater than its investment, enabling Hong Kong to accumulate external financial assets as a buffer against global financial volatilities, the agency said.

The goods trade surplus shrank to HK$0.85 billion in the fourth quarter from HK$15.3 billion in the third quarter. Similarly, the surplus on services trade dropped to HK$31.3 billion from HK$42.8 billion.

The primary income surplus also fell significantly from HK$62.8 billion to HK$35.4 billion. On the other hand, the negative balance in the secondary income narrowed fractionally to HK$3.73 billion from HK$3.79 billion.

The capital account deficit was HK$382 million versus HK$89.0 million. At the same time, the financial account deficit declined sharply to HK$32.9 billion from HK$147.7 billion.

During the fourth quarter, the overall balance of payments showed a deficit of 16.5 billion compared with a shortfall of HK$138.4 billion in the third quarter.