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Central Bank of the Republic of China



Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                 Release Date: November 20, 2019 


For the third quarter of 2019, the overall balance of payments registered a current account surplus of US$12.48 billion, an increase of US$9.41 billion in net assets on the financial account and an increase of US$4.00 billion in the Bank's reserve assets.

I.       Current Account

The current account surplus increased by US$1.58 billion or 14.5% over the same quarter of the previous year.

1.  The goods trade surplus rose by US$0.45 billion year on year to US$16.16 billion. Exports declined by US$3.44 billion as the US-China trade conflict remained unresolved, uncertainties over the global economy and trade were still high, and international raw material prices displayed a broad downtrend albeit with some fluctuations. Imports also shrank by US$3.9 billion over the same period of the previous year because of weaker export-derived demand.

2.  The services deficit narrowed by US$0.39 billion year on year to US$1.9 billion, mainly on account of increased receipts from professional and management consulting services.

3.  The primary income account posted a deficit of US$1.21 billion, with a year-on-year decrease of US$0.47 billion, mainly owing to reduced outward payments for nonresidents' direct investment income.

4.  The secondary income deficit declined by US$0.27 billion year on year to US$0.57 billion, mainly because inward remittances for family allowances/support and workers' remittances increased.

II.    Financial Account

1.  The net assets in direct investment grew by US$0.55 billion. Of the components, residents' direct investment abroad and inbound direct investment by foreign investors recorded net increases of US$2.32 billion and US$1.78 billion, respectively.

2.  Portfolio investment registered a net asset increase of US$21.90 billion. Of the components, residents' portfolio investment abroad recorded a net increase of US$18.20 billion, mainly on the back of greater overseas debt securities investment by onshore funds and domestic insurers. Non-residents' portfolio investment exhibited a net decrease of US$3.71 billion as foreign investors reduced their holdings in the Taiwanese stock markets.

3. Net assets in financial derivatives rose by US$0.60 billion, mainly because of decreased liabilities as other financial institutions paid for loss on disposal of financial derivatives.

4.  Net assets in other investment fell by US$13.63 billion, mainly attributable to a decrease in overseas interbank loans by the banking sector as well as bank borrowings from overseas branches.

III. BOP Summary (Q1-Q3, 2019)

For the first three quarters of 2019, the current account showed a surplus of US$46.96 billion, the financial account registered a net asset increase of US$40.52 billion, and the Bank's reserve assets recorded an increase of US$9.18 billion.



1. The next balance of payments data will be released at 16:20 p.m. on   February 20, 2020.

2. For the release schedule for the coming months, please check the CBC website at: Advance Release Calendar

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