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Central Bank of the Republic of China



Central Bank of the Republic of China (Taiwan)
PRESS RELEASE Release Date: May 19, 2023
For the first quarter of 2023, the overall balance of payments posted a current account surplus of US$19.00 billion, a net asset increase of US$12.19 billion on the financial account, and an increase of US$4.72 billion in the Bank's reserve assets.
I. Current Account
The current account surplus fell by US$12.20 billion over the same quarter of the previous year.
1. The goods trade surplus dropped by US$8.03 billion year on year to US$12.03 billion. Export growth remained in negative territory amid a slowing world economy and enterprises' inventory destocking globally, while imports also shrank because of international raw material price declines and sluggish export-derived demand. Overall, exports decreased more than imports.
2. The services account recorded a deficit of US$1.72 billion compared to the US$4.84 billion surplus in the same quarter of the previous year, mainly owing to a decrease in freight proceeds and an increase in outbound travel expenses.
3. Primary income surplus rose by US$2.84 billion year on year to US$9.83 billion, mainly reflecting increases in residents' income from outward direct investment and in banks' overseas interest income.
4. The secondary income account deficit widened by US$0.46 billion year on year to US$1.14 billion, mainly attributable to increases in outward remittances by residents to supplement family overseas and by migrant workers.
II. Financial Account
1. The direct investment account registered a net asset increase of US$3.35 billion. Of the components, outward direct investment by residents and inward direct investment by nonresidents posted net increases of US$5.57 billion and US$2.22 billion, respectively.
2. The portfolio investment account recorded a net asset increase of US$17.95 billion. Of the components, residents' portfolio investment abroad recorded a net increase of US$26.40 billion mainly because the banking sector boosted overseas debt securities holdings. Nonresidents' portfolio investment registered a net increase of US$8.45 billion, mainly attributable to a rise in Taiwanese share holdings by foreign investors.
3. The financial derivatives account posted a net asset increase of US$0.55 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 exhibited a net asset decrease of US$9.66 billion, mainly owing to inward remittances of overseas deposits by the private sector.
Notes: 1. The next balance of payments data will be released at 16:20 on August 21, 2023.
2. For the release schedule for the coming months, please visit the Advance Release Calendar on the Bank's website.

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