Hong Kong's BoP surplus crashed to $16.4b

Its gross external debt hit $8.0266t.

According to a report, Hong Kong recorded a $16.4 billion surplus in its balance of payments account in the first quarter of 2013, compared to a $94.3 billion surplus in the fourth quarter of 2012, the Census & Statistics Department said today.

External financial assets and liabilities amounted to $26.6711 trillion and $20.9516 trillion at the end of the first quarter.

Hong Kong's net external financial assets amounted to $5.7195 trillion at the end of the first quarter, compared to $5.6748 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 financial centre in the region with considerable cross-territory investment.

Hong Kong's gross external debt amounted to $8.0266 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.