In the fourth quarter of 2025, Hong Kong recorded a surplus of 46.5 billion Hong Kong dollars in its balance of international payments.

On March 20th, the Census and Statistics Department of the Hong Kong Special Administrative Region Government released preliminary statistics on Hong Kong's balance of payments, international investment position, and external debt for the fourth quarter of 2025 and the whole year of 2025. Hong Kong recorded a surplus of 46.5 billion Hong Kong dollars in the fourth quarter of 2025 (equivalent to 5.3% of GDP), with corresponding reserve assets increasing by the same amount. In contrast, a deficit of 136.5 billion Hong Kong dollars (equivalent to 15.9% of GDP) was recorded in the third quarter of 2025. The balance of payments for the whole year of 2025 showed a deficit of 69.9 billion Hong Kong dollars (equivalent to 2.1% of GDP), compared to a deficit of 89.7 billion Hong Kong dollars in 2024 (equivalent to 2.8% of GDP). Current Account The current account surplus in the fourth quarter of 2025 was 93.9 billion Hong Kong dollars (equivalent to 10.6% of GDP), reflecting Hong Kong's higher savings than investments, leading to the accumulation of external financial assets (e.g. equity securities or debt securities) to provide a buffer against global financial volatility. Compared to a current account surplus of 110.9 billion Hong Kong dollars in the fourth quarter of 2024 (equivalent to 13.2% of GDP), the decrease in surplus was mainly due to a shift from surplus to deficit in goods trade balance, offset by an increase in net primary income inflow and service trade surplus. The goods trade in the fourth quarter of 2025 recorded a deficit of 32.5 billion Hong Kong dollars, compared to a surplus of 5.9 billion Hong Kong dollars in the same quarter of 2024. Meanwhile, the service trade surplus increased from 32.7 billion Hong Kong dollars to 37.9 billion Hong Kong dollars. Primary income inflow and outflow in the fourth quarter of 2025 were 523.5 billion Hong Kong dollars and 430.2 billion Hong Kong dollars respectively, resulting in a net inflow of 93.3 billion Hong Kong dollars, compared to a net inflow of 78.3 billion Hong Kong dollars in the same quarter of 2024. The current account surplus for the whole year of 2025 was 406.6 billion Hong Kong dollars (equivalent to 12.2% of GDP), slightly lower than the surplus of 418.6 billion Hong Kong dollars in 2024 (equivalent to 13.1% of GDP). The decrease in surplus was mainly due to an increase in goods trade deficit, offset by an increase in service trade surplus and net primary income inflow. Financial Account Non-reserve financial assets in the fourth quarter of 2025 recorded an overall increase of 86.2 billion Hong Kong dollars (equivalent to 9.8% of GDP), compared to an increase of 271 billion Hong Kong dollars (equivalent to 31.6% of GDP) in the third quarter of 2025. The increase in the fourth quarter of 2025 was driven by net additions in other investments, securities investments, and financial derivative instruments, while a decrease in net direct investment offset some of the overall increase. Reserve assets increased by 46.5 billion Hong Kong dollars in the fourth quarter of 2025, compared to a decrease of 136.5 billion Hong Kong dollars in the third quarter of 2025. Non-reserve financial assets for the whole year of 2025 recorded an overall increase of 624.1 billion Hong Kong dollars (equivalent to 18.7% of GDP), compared to an increase of 551.1 billion Hong Kong dollars (equivalent to 17.3% of GDP) in 2024. The overall increase in 2025 was driven by net additions in securities investments and other investments, while net decreases in direct investment and financial derivative instruments partially offset the overall increase. Reserve assets decreased by 69.9 billion Hong Kong dollars for the whole year of 2025, compared to a decrease of 89.7 billion Hong Kong dollars in 2024. International Investment Position At the end of the fourth quarter of 2025, both Hong Kong's external financial assets and liabilities were at high levels, amounting to 60,122.8 billion Hong Kong dollars (18.0 times GDP) and 40,613.1 billion Hong Kong dollars (12.2 times GDP) respectively, a common feature of a major international financial center. At the end of the fourth quarter of 2025, Hong Kong's net external financial assets (assets minus liabilities) reached 195,097 billion Hong Kong dollars (5.9 times GDP), compared to 196,499 billion Hong Kong dollars (6.0 times GDP) at the end of the third quarter of 2025. The ratio of Hong Kong's net external financial assets to GDP is one of the largest in the world, providing strong buffering capacity for the Hong Kong economy against sudden external shocks. External Debt At the end of the fourth quarter of 2025, Hong Kong's total external debt amounted to 160,543 billion Hong Kong dollars (4.8 times GDP). Compared to 157,461 billion Hong Kong dollars at the end of the third quarter of 2025 (also 4.8 times GDP), the total external debt increased by 3,082 billion Hong Kong dollars, mainly due to an increase in external debt in the banking sector and other sectors, partially offset by a decrease in direct investment debt liabilities (inter-company loans). As a major financial center in the world, Hong Kong has a large amount of external debt originating from the local banking sector through daily banking operations. At the end of the fourth quarter of 2025, external debt in the banking sector accounted for 52.5% of the total. Other external debts mainly include those from other sectors (30.4%) and direct investment debt liabilities (inter-company loans) (15.6%).