Hong Kong Current Account Surplus Widens in Q2

Hong Kong’s current account surplus widened to HKD 96.0 billion in the second quarter of 2026, from HKD 93.1 billion in the same period a year earlier. The increase was mainly driven by a higher net primary income inflow, which rose to HKD 123.7 billion from HKD 107.0 billion, and a larger services surplus, which increased to HKD 38.5 billion from HKD 30.9 billion. Primary income inflows rose to HKD 664.6 billion from HKD 624.6 billion, while outflows increased to HKD 540.9 billion from HKD 517.6 billion. These improvements were partly offset by a wider goods deficit, which increased to HKD 59.1 billion from HKD 38.3 billion, and a larger secondary income deficit of HKD 7.0 billion from HKD 6.4 billion.

Hong Kong’s current account surplus narrowed to HKD 36.4 billion in the first quarter of 2026, narrowing for the third consecutive quarter, down from HKD 124.0 billion in the same period a year earlier. The deterioration was primarily driven by a substantial widening of the goods account deficit to HKD 92.8 billion, compared with HKD 3.4 billion a year earlier. This was partly offset by higher net primary income inflows, which increased to HKD 81.8 billion from HKD 79.7 billion, as primary income inflows and outflows totaled HKD 529.6 billion and HKD 447.8 billion, respectively. Meanwhile, the services account surplus edged down to HKD 53.3 billion from HKD 54.7 billion, while the secondary income deficit narrowed slightly to HKD 5.8 billion from HKD 6.3 billion.

Hong Kong’s current account surplus narrowed to HKD 93.9 billion in the fourth quarter of 2025 from HKD 110.9 billion in the same period a year earlier. The goods account posted a deficit of HKD 32.5 billion in Q4 2025, reversing from a surplus of HKD 5.9 billion in Q4 2024. Meanwhile, the services account surplus widened further, rising to HKD 37.9 billion from HKD 32.7 billion. The primary income surplus increased sharply to HKD 93.3 billion in Q4 2025 from HKD 78.3 billion in the same quarter last year, while the secondary income deficit decreased to HKD 4.8 billion from HKD 6.0 billion. For the full year 2025, the current account surplus was HKD 406.6 billion.