In terms of the current account, boosted by a recovering world economy in addition to a lower base effect, exports and imports rose by 17.3% and 17.2% year on year, respectively, reversing previous declines. Goods trade surplus increased by US$1.17 billion from the same quarter of the previous year to US$7.56 billion. The services account surplus increased by US$0.47 billion over the year-earlier level to US$0.73 billion, mainly owing to an increases in net surplus from merchanting services and travel receipts. The income account surplus went up by US$2.45 billion from the same period a year ago to US$3.97 billion, on account of more income from resident direct investment and less payment to non-resident equity investment. Current transfer deficit was US$0.45 billion, narrowing by US$0.26 billion from the year-ago level. In sum, widening surpluses in goods, services and income, accompanied by narrowing deficits in current transfers, led to an increase of US$4.34 billion in the current account surplus over the same period of the previous year.

With regard to the financial account, direct and portfolio investment exhibited net outflows of US$0.89 billion and US$4.12 billion, respectively. Residents' portfolio investment abroad registered a net outflow of US$10.88 billion, mainly attributable to more bond investment abroad by local insurance companies and an increase in residents' investment in foreign mutual funds. Non-residents' portfolio investment showed a net inflow of US$6.75 billion, induced mainly by foreign capital inflows targeting domestic stock and bond markets. Other investment exhibited a net inflow of US$9.07 billion, largely attributable to a decrease in external lending by the banking sector and an increase in the withdrawal of overseas deposits by the private sector.

For the year of 2009 as a whole, the current account showed a surplus of US$42.57 billion, the financial account exhibited a net inflow of US$13.98 billion, and the overall balance registered a surplus of US$54.13 billion, reflecting an increase in the Bank's reserve assets.

Notes: 1. The next balance of payments data will be released at 16:20 p.m. on
May 20, 2010.
2. For the release schedule for the next six months, please check the CBC website at http://www.cbc.gov.tw/ct.asp?xItem=30164&ctNode=515&mp=2.