Hong Kong: A current account surplus in Q3

胜利前进

Hong Kong: A current account surplus in Q3

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Hong Kong recorded a quarterly current account surplus of HKD33.5bn (6.1%of GDP) for the first time this yea in Q3, after the deficits in both Q1 (0.3%)and Q2 (0.7% of GDP). The improvement was largely driven by the narrowingtrade deficit in goods which is due to the pick up in exports in Q3 (HKD1,039bnvs. KHD942bn in Q2). Trade deficit in goods narrowed to HKD23bn in Q3 fromthe deficit of HKD95.3bn in Q2. Service trade recorded a surplus of HKD61.5bnin Q3. For other component of the current account, a net inflow of HKD0.4bnwas recorded for income transfer and a net outflow of HKD5.3bn for currenttransfer in Q3. On the financial account, Hong Kong reported a net outflow of HKD7.3bn inQ3 after posting a net inflow of HKD26.1bn in Q2. This was mainly attributableto an overall net outflow of financial non-reserve assets, amounting toHKD36.0bn in Q3 (6.6% of GDP) as against a net inflow of HKD51.5bn (10.4%of GDP) in the previous quarter. Overall, Hong Kong reported a BoP deficit ofHKD28.7bn (5.2% of GDP) in Q3, as against a surplus of HKD25.4bn in Q2.