Buildings are seen from Victoria Peak at night in Hong Kong, on Aug 28, 2019. (PAUL YEUNG / BLOOMBERG)
HONG KONG – Hong Kong reported a surplus of HK$263 billion (US$33.87 billion) in its balance of payments (BoP) last year, official data showed Monday.
The special administrative region recorded the surplus, equivalent to 9.7 percent of its gross domestic product (GDP), after reporting a deficit of HK$8.9 billion in 2019.
There was also an overall net inflow of financial non-reserve assets amounting to HK$22.9 billion last year, compared to a net outflow of HK$245.6 billion in 2019
The Census and Statistics Department of the Hong Kong Special Administrative Region (HKSAR) government said in a statement that the current account surplus stood at HK$179 billion in 2020, slightly higher than 2019, mainly due to a falling goods deficit and an increasing net inflow of primary income.
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There was also an overall net inflow of financial non-reserve assets amounting to HK$22.9 billion last year, compared to a net outflow of HK$245.6 billion in 2019.
Official data also showed Hong Kong's net external financial assets amounted to HK$16.69 trillion at the end of 2020, roughly 6.2 times its GDP.
Hong Kong's net external financial assets to GDP ratio is one of the largest in the world, which provides its economy with a strong cushion against sudden external shocks, the SAR government said in the statement.
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Besides, Hong Kong's external debt came at HK$13.82 trillion at the end of 2020.