HK reports 475% plunge in Balance of Payments surplus

Surplus in 4Q12 evaporated to HK$16.4b.

The Census & Statistics Department also said external financial assets and liabilities amounted to HK$26.67 trillion and $20.95 trillion at the end of the first quarter.

Hong Kong's net external financial assets amounted to HK$5.72 trillion at the end of the first quarter, compared to $5.67 trillion at the end of the fourth quarter of 2012.

The ratios of both Hong Kong's external financial assets and liabilities to GDP at the end of the first quarter remained at a very high level, at 1,294% and 1,016%, reflecting that the city is a highly externally oriented economy and also a major regional financial centre with considerable cross-territory investment.

Hong Kong's gross external debt amounted to HK$8.03 trillion at the end of the first quarter. This was mainly attributable to the decreases in external debt of the banking sector and direct investment, which were larger than the increase in external debt of other sectors.