Central Bank of the Republic of China (Taiwan)

PRESS RELEASE            Release Date: February 20, 2023

For the fourth quarter of 2022, the overall balance of payments registered a current account surplus of US$23.39 billion, a net asset increase of US$15.66 billion on the financial account, and an increase of US$10.93 billion in the Bank's reserve assets. 

The current account surplus decreased by US$8.84 billion over the same quarter of the previous year. 

1. The goods trade surplus shrank by US$8.54 billion year on year to US$15.25 billion. Export growth went into negative territory amid the global economic downturn and subdued final consumption while imports also dropped because of international raw material price declines and weak export-derived demand. Overall, exports decreased more than imports. 

2. The services account surplus narrowed by US$2.87 billion year on year to US$1.13 billion mainly owing to a decrease in freight proceeds. 

3. Primary income surplus increased by US$2.82 billion year on year to US$7.94 billion, mainly because of an increase in residents' income from outward direct investment. 

4. The secondary income deficit widened by US$0.24 billion to US$0.92 billion, mainly owing to an increase in outward remittances to supplement family overseas.   

1. The direct investment account registered a net asset increase of US$3.41 billion. Of the components, residents' direct investment abroad and inbound direct investment by foreign investors recorded net increases of US$5.60 billion and US$2.19 billion, respectively. 

2. The portfolio investment account posted a net asset increase of US$0.74 billion. Of the components, residents' portfolio investment abroad posted a net increase of US$3.11 billion, mainly attributable to a rise in banks' overseas debt securities holdings. Nonresidents' portfolio investment recorded a net increase of US$2.37 billion mainly because foreign investors stepped up Taiwanese share holdings.

3. The financial derivatives account recorded a net asset increase of US$0.32 billion, mainly reflecting a decrease in liabilities as other financial institutions paid for losses from disposal of financial derivatives. 

4. The account of other investment posted a net asset increase of US$11.19 billion, mainly owing to a decrease in external liabilities as banks repaid overseas borrowing. 

For the entire year of 2022, the overall balance of payments recorded a current account surplus of US$101.73 billion, a net asset increase of US$98.10 billion on the financial account, and an increase of US$10.88 billion in the Bank's reserve assets. 

 

Notes: 1. The next balance of payments data will be released at 16:20 on May 19, 2023. 

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