Hong Kong recorded a $12.1 billion surplus in its balance of payments account in last year's fourth quarter, the Census & Statistics Department says. For 2006 as a whole, there was a $46.7 billion surplus, $36 billion more than 2005.

Of the major balance-of-payments components, there was a current-account surplus of $53.3 billion in the fourth quarter, up on the $51.7 billion in the third. At the same time, a net outflow of financial non-reserve assets amounting to $53.4 billion was recorded, larger than the $45.2 billion in the third quarter.

Compared with the same quarter in 2005, the current-account surplus in last year's fourth quarter was characterised by a rise in the visible trade deficit, an increase in the invisible trade surplus, a reverse net inflow of external factor income, and a continued net outflow of current transfers.

Last year saw a current-account surplus of $157.3 billion, similar to that of $157.3 billion in 2005. A net outflow of financial non-reserve assets amounting to $152.8 billion was recorded, smaller than that of $166.8 billion in 2005.

At the end of December last year, Hong Kong's gross external debt amounted to $3.989 trillion, equivalent to 271% of goss domestic product. Compared with the end of September, gross external debt rose $169 billion.