Hong Kong's current account surplus decreased significantly in the first quarter as the shortfall in the merchandise trade account widened, data released by the Census and Statistics Department showed Thursday.
The current account surplus fell to HK$1.65 billion in the first quarter from HK$24.33 billion in the fourth quarter. In the first quarter of 2011, the trade balance was a surplus of HK$37.44 billion.
The shortfall in the goods trade account increased sharply to HK$131.39 billion in the fist three months of this year from HK$117.46 billion in the previous quarter. The balance in the services account was a surplus of HK$132.70 billion, lower than the HK$143.13 billion deficit seen in the final three months of 2011.
The deficit in the income account dropped to HK$5.99 billion from HK$6.3 billion in the fourth quarter, while the deficit in the current transfers account narrowed to HK$5.65 billion from HK$7.64 billion, data showed.
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