香港：二季度录得1055亿港元国际收支盈余

Core Insights - Hong Kong recorded an international balance of payments surplus of HKD 105.5 billion in Q2 2025, equivalent to 13.4% of its GDP, a significant recovery from a deficit of HKD 85.4 billion in Q1 2025, which was 10.7% of GDP [1][4] Current Account - The current account surplus for Q2 2025 was HKD 92.6 billion, representing 11.8% of GDP, reflecting higher savings than investments, which helped accumulate foreign financial assets [2] - Compared to Q2 2024, where the surplus was HKD 98.5 billion (13.0% of GDP), the decrease was mainly due to an increase in the goods trade deficit from HKD 14.1 billion to HKD 38.0 billion [2] - The services trade surplus slightly increased from HKD 27.5 billion to HKD 30.0 billion, while the net inflow from primary income rose from HKD 90.2 billion to HKD 107.0 billion [2] Financial Account - In Q2 2025, non-reserve financial assets recorded an overall increase of HKD 21.1 billion, equivalent to 2.7% of GDP, a decline from the HKD 245.8 billion increase in Q1 2025 (30.7% of GDP) [3] - The overall increase in Q2 was primarily driven by net increases in securities investments, while other investments, direct investments, and financial derivatives saw net decreases [3] International Investment Position - As of the end of Q2 2025, Hong Kong's total foreign financial assets and liabilities were at high levels, amounting to HKD 5,724.43 billion (17.7 times GDP) and HKD 3,887.97 billion (12.0 times GDP), respectively [5] - The net value of foreign financial assets reached HKD 1,836.47 billion (5.7 times GDP), up from HKD 1,692.29 billion (5.3 times GDP) in Q1 2025, indicating a strong buffer against external shocks [5] External Debt - At the end of Q2 2025, Hong Kong's total external debt was HKD 1,546.36 billion (4.8 times GDP), an increase from HKD 1,494.88 billion (4.7 times GDP) in Q1 2025, driven by increases across all sectors, particularly in the banking sector [6] - The banking sector accounted for 53.1% of total external debt, with other sectors contributing 29.1% and direct investment debt liabilities making up 16.6% [6]