Hong Kong posts $35.2b balance of payments surplus in Q1

The current account surplus narrowed sharply as the city’s goods deficit widened to $92.8b.

Hong Kong recorded a balance of payments surplus of $35.2b in the first quarter of 2026, equivalent to 4.2% of gross domestic product.

This was lower than the $46.5b surplus recorded in the fourth quarter of 2025. Reserve assets increased by $35.2b during the quarter.

The current account remained in surplus at $36.4b, or 4.3% of gross domestic product (GDP), but declined from $124.7b in the same period a year earlier.

The decrease was mainly driven by the goods deficit, which widened to $92.8b from $3.4b in the first quarter of 2025.

Meanwhile, the services surplus slipped to $53.3b from $54.7b, whilst net primary income inflow rose to $81.8b from $79.7b.

At the end of March, Hong Kong’s external financial assets stood at $60.6t, whilst liabilities amounted to $42.2t.

Net external financial assets reached $18.5t, equivalent to 5.5 times GDP, compared with $19.5t at the end of the previous quarter.

Gross external debt increased by $576.1b to $16.6t, or 4.9 times GDP. The banking sector accounted for 53.1% of the total.