For the first quarter of 2022, the overall balance of payments registered a current account surplus of US$30.68 billion, a net asset increase of US$32.22 billion on the financial account, and an increase of US$0.26 billion in the Bank's reserve assets.

I. Current Account

The current account surplus increased by US$4.85 billion over the same quarter of the previous year.

1. The goods trade surplus expanded by US$1.70 billion year on year to US$20.47 billion, benefiting mainly from a global economic recovery and sustained demand for digital transformation and emerging technology applications.

2. The services account surplus widened by US$1.54 billion year on year to US$4.34 billion, mainly reflecting an increase in freight proceeds.

3. Primary income surplus rose by US$1.67 billion year on year to US$6.54 billion, mainly owing to an increase in residents' income from outward direct investment.

4. The secondary income deficit widened by US$0.06 billion to US$0.67 billion, mainly because of an increase in outward remittances to supplement family overseas.

II. Financial Account

1. The direct investment account posted a net asset increase of US$2.09 billion. Of the components, outward direct investment by residents and inward direct investment by nonresidents recorded net increases of US$5.04 billion and US$2.95 billion, respectively.

2. The portfolio investment account posted a net asset increase of US$49.92 billion. Of the components, residents' portfolio investment abroad posted a net increase of US$35.21 billion, mainly owing to a rise in overseas debt securities investment by the banking sector and insurance companies. Nonresidents' portfolio investment recorded a net decrease of US$14.72 billion mainly because foreign investors reduced their equity holdings in the local stock markets.

3. The financial derivatives account posted a net asset increase of US$0.62 billion, mainly owing to a decrease in liabilities as other financial institutions paid losses from disposal of financial derivatives.

4. The account of other investment posted a net asset decrease of US$20.41 billion, mainly reflecting a decrease in banks' deposits with overseas branches and an increase in banks' overseas borrowing.

Notes:

1. The next release of balance of payments data will be at 16:20 p.m. on August 19, 2022.

2. For the release schedule for the coming months, please visit the Advance Release Calendar on the Bank's website.