BALANCE OF PAYMENTS (2025 Q1)

For the first quarter of 2025, the overall balance of payments registered a current account surplus of US$30.23 billion, a net asset increase of US$28.23 billion on the financial account, and a decrease of US$0.09 billion in the Bank's reserve assets.

I.Current Account

The current account surplus narrowed by US$0.30 billion over the same quarter of the previous year. 

1.The goods trade surplus widened by US$2.70 billion year on year to US$27.23 billion. This was mainly due to an expansion in exports, underpinned by rising demand for emerging technology applications and inventory front-loading by overseas firms. 

2.The services account deficit widened by US$0.73 billion year on year to US$2.98 billion, mainly owing to an increase in travel expenditures. 

3.Primary income surplus narrowed by US$2.50 billion year on year to US$6.95 billion, mainly because of a decrease in residents' income from outward direct investment. 

4.The secondary income deficit decreased by US$0.23 billion year on year to US$0.98 billion. 

II.Financial Account

1.The direct investment account recorded a net asset increase of US$4.04 billion. Of the components, outward direct investment by residents and inward direct investment by nonresidents recorded net increases of US$7.56 billion and US$3.52 billion, respectively. 

2.The portfolio investment account recorded a net asset increase of US$31.76 billion. Of the components, residents' portfolio investment abroad posted a net increase of US$12.25 billion mainly because the private sector raised their holdings of overseas equity securities. Nonresidents' portfolio investment recorded a net decrease of US$19.51 billion mainly because foreign investors trimmed their holdings of Taiwanese equities.

3.The financial derivatives account posted a net asset increase of US$0.30 billion, mainly owing to a decrease in liabilities as other financial institutions paid for losses on disposal of financial derivatives. 

4.The account of other investment recorded a net asset decrease of US$7.86 billion, mainly reflecting a rise in liabilities as nonresident' deposits with the banking sector increased. ​

Notes: 1. The next release of balance of payments data will be at 16:20 on August 20, 2025.

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