Central Bank of the Republic of China (Taiwan)

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Press Releases


Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                             Release Date: February 22, 2019       


For the fourth quarter of 2018, the overall balance of payments registered a current account surplus of US$18.65 billion, an increase of US$17.88 billion in net assets on the financial account and an increase of US$2.22 billion in the Bank's reserve assets.

I.       Current Account

The current account posted a smaller surplus in Q4, decreasing by US$6.99 billion or 27.3% over the same quarter of the previous year.

1.  The goods trade surplus contracted by US$5.45 billion year on year to US$17.47 billion. Slowing global economy and a higher base effect have led exports to record a year-on-year decrease of US$6.25 billion. Imports also shank by US$0.8 billion over the same period of the previous year because of weaker export-derived demand.

2.  The services deficit narrowed by US$0.73 billion year on year to US$0.78 billion mainly on account of a decrease in payments for manufacturing services and an increase in transport receipts.

3.  The primary income account surplus declined by US$2.20 billion over the same period last year to US$2.79 billion, mostly resulting from a decrease in income on direct investment abroad.

4.  The secondary income deficit widened by US$0.06 billion year on year to US$0.83 billion, mainly reflecting a larger income from trade penalties in the same quarter of the previous year.

II.    Financial Account

1.  The net assets in direct investment grew by US$5.84 billion. Of the components, residents' direct investment abroad and inbound direct investment by foreign investors posted net increases of US$7.35 billion and US$1.51 billion, respectively.

2.  Portfolio investment registered a net asset increase of US$16.21 billion. Of the components, residents' portfolio investment abroad recorded a net increase of US$13.10 billion mainly because onshore funds and insurance companies expanded their investment in securities abroad. Meanwhile, non-residents' portfolio investment declined by a net US$3.11 billion as foreign investors reduced their Taiwanese stock holdings.

3.  Net assets in financial derivatives rose by US$0.12 billion mainly owing to a decrease in liabilities resulting from the private sector's payments for losses on disposal of financial derivatives.

4.  Net assets in other investment fell by US$4.3 billion mainly because of a decrease in foreign loans by the banking sector.

III. BOP Summary (Q1-Q4, 2018)

For the year of 2018 as a whole, the current account registered a surplus of US$68.26 billion, the financial account showed a net asset increase of US$51.92 billion, and the Bank's reserve assets posted an increase of US$12.50 billion.



1. The next balance of payments data will be released at 16:20 p.m. on   May 20, 2019.

2. For the release schedule for the coming months, please check the CBC website at https://www.cbc.gov.tw/ct.asp?xItem=30164&ctNode=515&mp=2.

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