Balance of Payments Table 1

Table 1

Hong Kong's Balance of Payments Account

						HK$ million

	1998	1999	1999	1999	1999	1999
Standard Components			1st Qtr	2nd Qtr	3rd Qtr	4th Qtr


Current Account⁽¹⁾	22,474	72,026	9,907	9,637	27,327	25,156

Goods	-60,667	-24,501	-8,761	-7,431	-1,068	-7,241

Services	66,743	80,660	12,836	16,884	21,596	29,344

Factor income	28,762	27,276	8,616	2,923	9,716	6,021

Current transfers	-12,364	-11,409	-2,784	-2,740	-2,917	-2,968

Capital and Financial Account⁽¹⁾	-30,347	-76,215	-14,263	-14,001	-33,980	-13,973

Capital transfers	-18,452	-13,765	-3,089	-3,049	-3,123	-4,505

Direct investment	-17,016	24,615	2,625	-13,983	-9,323	45,296

Portfolio investment	171,052	250,472	33,051	5,222	115,213	96,986

Financial derivatives	25,374	95,475	-14,710	92,328	-25,998	43,855

Other investment	-245,059	-358,872	-24,794	-92,570	-98,024	-143,484

Reserve assets (net change)⁽²⁾	53,754	-74,140	-7,346	-1,949	-12,725	-52,121

Net errors and omissions	7,873	4,189	4,356	4,365	6,653	-11,184

Overall Balance of Payments	-53,754	74,140	7,346	1,949	12,725	52,121
	(in deficit)	(in surplus)	(in surplus)	(in surplus)	(in surplus)	(in surplus)


Notes :	(1)	In accordance with the Balance of Payments accounting rules, a positive value for the balance figure in the current account represents a surplus whereas a negative value represents a deficit. For the capital and financial account, a positive value indicates a net capital and financial inflow and a negative value indicates a net outflow. As increases in external assets are debit entries and decreases are credit entries, a negative value for net change in reserve assets represents a net increase and a positive value represents a net decrease.

	(2)	The estimates on net change in reserve assets under the Balance of Payments framework are transaction figures. Effects from valuation changes (including price changes and exchange rate changes) and reclassifications are excluded.