PRESS RELEASE Release Date: August 19, 2022

 

For the second quarter of 2022, the overall balance of payments registered a current account surplus of US$26.55 billion, a net asset increase of US$24.36 billion on the financial account, and an increase of US$3.82 billion in the Bank's reserve assets. 

The current account surplus decreased by US$2.99 billion over the same quarter of the previous year. 

1.The goods trade surplus narrowed by US$6.08 billion year on year to US$17.79 billion, mainly owing to a larger increase in imports than that in exports as international raw material prices stayed elevated and procurement of semiconductor equipment and pandemic protective supplies increased. 

2.The services account surplus widened by US$1.35 billion year on year to US$3.73 billion, mainly reflecting an increase in freight proceeds. 

3.Primary income surplus rose by US$1.82 billion year on year to US$5.66 billion, mainly owing to an increase in residents' income from outward direct investment. 

4.The secondary income deficit widened by US$0.07 billion to US$0.64 billion, mainly because of an increase in outward remittances to supplement family overseas.   

 

1.The direct investment account posted a net asset decrease of US$0.24 billion. Of the components, outward direct investment by residents and inward direct investment by nonresidents recorded net increases of US$3.40 billion and US$3.64 billion, respectively. 

2.The portfolio investment account posted a net asset increase of US$26.62 billion. Of the components, residents' portfolio investment abroad posted a net increase of US$13.65 billion, mainly owing to a rise in overseas debt securities investment by insurance companies. Nonresidents' portfolio investment recorded a net decrease of US$12.97 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$1.23 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$3.24 billion, mainly reflecting an increase in overseas borrowing by the banking sector. 

 

For the first two quarters of 2022, the overall balance of payments posted a current account surplus of US$56.80 billion, a net asset increase of US$56.29 billion on the financial account, and an increase of US$4.07 billion in the Bank's reserve assets. 

 

Notes: 1. The next release of balance of payments data will be at 16:20 p.m. on November 21, 2022. 

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