Hong Kong's Census and Statistics Department: Hong Kong's balance of international payments surplus in the first quarter of 2026 was HK$352 billion.

On June 22, the Hong Kong Census and Statistics Department released preliminary statistics for Hong Kong's international balance of payments, international investment position, and external debt for the first quarter of 2026. The data shows that Hong Kong recorded a surplus of 35.2 billion Hong Kong dollars (equivalent to 4.2% of GDP) in the first quarter of 2026, with reserve assets increasing by the same amount. In contrast, Hong Kong recorded a surplus of 46.5 billion Hong Kong dollars (equivalent to 5.3% of GDP) in the fourth quarter of 2025. In terms of the current account, Hong Kong recorded a surplus of 36.4 billion Hong Kong dollars (equivalent to 4.3% of GDP) in the first quarter of 2026, reflecting higher savings than investments, leading to an accumulation of external financial assets (such as equities or debt securities) to provide a buffer against global financial volatility. Compared to the surplus of 124.7 billion Hong Kong dollars (equivalent to 15.6% of GDP) in the first quarter of 2025, the decrease in surplus was mainly due to an increase in merchandise trade deficit, although a slight increase in net primary income partly offset the decline in the current account surplus. The merchandise trade deficit increased significantly from 3.4 billion Hong Kong dollars in the first quarter of 2025 to 92.8 billion Hong Kong dollars in the same quarter of 2026. Meanwhile, the surplus in services trade decreased slightly from 54.7 billion Hong Kong dollars to 53.3 billion Hong Kong dollars. The net primary income inflows and outflows in the first quarter of 2026 were 529.6 billion Hong Kong dollars and 447.8 billion Hong Kong dollars, resulting in a net inflow of 81.8 billion Hong Kong dollars, compared to a net inflow of 79.7 billion Hong Kong dollars in the same quarter of 2025. In terms of the financial account, non-reserve financial assets recorded an overall decrease of 36.7 billion Hong Kong dollars (equivalent to 4.3% of GDP) in the first quarter of 2026, compared to an overall increase of 86.2 billion Hong Kong dollars (equivalent to 9.7% of GDP) in the fourth quarter of 2025. The overall decrease in the first quarter of 2026 was driven by net decreases in other investments, direct investments, and financial derivatives, while net increases in securities investments offset much of the overall decrease. Reserve assets increased by 35.2 billion Hong Kong dollars in the first quarter of 2026, compared to an increase of 46.5 billion Hong Kong dollars in the fourth quarter of 2025. International Investment Position At the end of the first quarter of 2026, Hong Kong's total external financial assets and liabilities were at a high level, amounting to 60,597.6 billion Hong Kong dollars (equivalent to 18.0 times of GDP) and 42,149 billion Hong Kong dollars (equivalent to 12.5 times of GDP), a common feature of a major international financial center. At the end of the first quarter of 2026, Hong Kong's net external financial asset value (assets minus liabilities) reached 184.8 billion Hong Kong dollars (equivalent to 5.5 times of GDP), compared to 195.1 billion Hong Kong dollars at the end of the fourth quarter of 2025 (equivalent to 5.9 times of GDP). The ratio of Hong Kong's net external financial assets to GDP is one of the largest in the world, providing a strong buffer for the Hong Kong economy against sudden external shocks. External Debt At the end of the first quarter of 2026, Hong Kong's total external debt amounted to 166.3 trillion Hong Kong dollars (equivalent to 4.9 times of GDP). Compared to 160.5 trillion Hong Kong dollars at the end of the fourth quarter of 2025 (equivalent to 4.8 times of GDP), the total external debt increased by 57.6 billion Hong Kong dollars, mainly due to increases in external debt in the banking sector and other sectors, offset to some extent by a decrease in direct investment debt liabilities (inter-company loans). As a major financial center, Hong Kong's significant external debt is largely due to the daily banking operations of local banks. At the end of the first quarter of 2026, external debt in the banking sector accounted for 53.1% of the total. Other external debts mainly include debts in other sectors (30.7%) and direct investment debt liabilities (inter-company loans) (14.7%).