Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                                     Release Date: February 20, 2025

BALANCE OF PAYMENTS (Q4 2024)

For the fourth quarter of 2024, the overall balance of payments registered a current account surplus of US$34.40 billion, a net asset increase of US$30.70 billion on the financial account, and an increase of US$4.14 billion in the Bank's reserve assets.

I. Current Account

The current account surplus recorded a decrease of US$0.24 billion over the same quarter of the previous year.

1. The goods trade surplus shrank by US$3.70 billion year on year to US$26.32 billion. Imports increased more than exports as businesses expanded their restocking plans driven by export-derived demand.

2. The services account deficit widened by US$0.14 billion a year ago to US$1.99 billion, mainly because of an increase in travel expenditures.

3. Primary income surplus rose by US$3.60 billion year on year to US$11.45 billion, mainly reflecting an increase in residents' income from outward direct investment.

4. The secondary income account recorded a deficit of US$1.39 billion, the same as in the corresponding period of the previous year.

II. Financial Account

1. The direct investment account registered a net asset increase of US$4.18 billion. Of the components, outward direct investment by residents and inward direct investment by nonresidents recorded net increases of US$7.03 billion and US$2.86 billion, respectively.

2. The portfolio investment account posted a net asset increase of US$25.07 billion. Of the components, residents' portfolio investment abroad exhibited a net increase of US$18.48 billion, mainly because of a rise in the private sector's holdings of overseas equity securities. Nonresidents' portfolio investment recorded a net decrease of US$6.60 billion, mainly attributable to a decrease in Taiwanese equity holdings by foreign investors.

3. The financial derivatives account displayed a net asset increase of US$0.43 billion, mainly owing to a decrease in liabilities as other financial institutions paid for losses from disposal of financial derivatives.

4. The account of other investment registered a net asset increase of US$1.02 billion, mainly reflecting an increase in assets as residents' overseas deposits rose.

III. Overview of BOP for the year 2024

For the entire year of 2024, the overall balance of payments posted a current account surplus of US$113.83 billion, a net asset increase of US$94.39 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 20, 2025.

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