Central Bank of the Republic of China (Taiwan)
PRESS RELEASE Release Date: February 20, 2020         
BALANCE OF PAYMENTS (Q4 2019)
For the fourth quarter of 2019, the overall balance of payments registered a current account surplus of US$17.02 billion, a net asset increase of US$9.95 billion on the financial account, and an increase of US$7.48 billion in the Bank's reserve assets.
I. Current Account
The current account surplus decreased by US$3.50 billion or 17.0% over the same quarter of the previous year.
1. The goods trade surplus shrank by US$2.66 billion year on year to US$14.31 billion. Exports dropped by US$1.39 billion owing to slower global economic growth and a broad downtrend in international raw material prices. Imports increased by US$1.27 billion year on year, supported by strong investment in semiconductor equipment.
2. The services account deficit widened by US$0.51 billion year on year to US$1.11 billion, mainly owing to a decrease in travel receipts and an increase in payments for telecommunication, computer, and information services.
3. The primary income surplus narrowed by US$0.23 billion year on year to US$4.77 billion, mainly owing to an increase in outward payments for nonresidents' portfolio investment income.
4. The secondary income account deficit widened by US$0.10 billion year on year to US$0.95 billion, mainly because of an increase in outward remittances by guest workers.

II. Financial Account
1. The direct investment account posted a net asset decrease of US$0.33 billion. Of the components, residents' direct investment abroad and inbound direct investment by foreign investors recorded net increases of US$3.55 billion and US$3.88 billion, respectively.
2. Portfolio investment recorded a net asset increase of US$1.13 billion. Of the components, residents' portfolio investment abroad exhibited a net increase of US$10.67 billion, mainly because of an increase in overseas debt securities investment by onshore funds. Nonresidents' portfolio investment registered a net increase of US$9.54 billion mainly because of a build-up of Taiwanese stock holdings by foreign investors.
3. Financial derivatives posted a net asset increase of US$0.27 billion, mainly owing to reduced liabilities as other financial institutions paid for loss on disposal of financial derivatives.
4. Other investment recorded a net asset increase of US$8.88 billion, mainly owing to increases in banks' due from overseas branches.

III. BOP Summary (2019)
For the year of 2019 as a whole, the overall balance of payments showed a current account surplus of US$64.35 billion, a net asset increase of US$52.86 billion on the financial account, and an increase of US$16.66 billion in the Bank's reserve assets.

Notes: 1. The next balance of payments data will be released at 16:20 p.m. on May 20, 2020.
2. For the release schedule for the coming months, please visit the Bank's website at: Advance Release Calendar