BALANCE OF PAYMENTS
PRESS RELEASE Release Date: May 21, 2012
BALANCE OF PAYMENTS
For the first quarter of 2012, the overall balance of payments registered a surplus of US$5.09 billion, reflecting an increase in the Bank's reserve assets. The current account ran a surplus of US$10.93 billion, and the financial account posted a net outflow of US$3.70 billion.
With regard to the current account, exports declined by 4.1% from the same period last year owing to a higher base effect as well as a global economic slowdown. Imports fell by 5.2% year on year as export derived demand and capital equipment imports continued to decrease. The slower pace of contraction in exports than imports resulted in a goods trade surplus of US$5.89 billion, up by US$0.51 billion from the same period of the previous year.
The services account registered the second highest quarterly records both on the debit and credit sides, mainly due to greater travel receipts and higher expenditure growth in professional, technical and business services. The services account ran a surplus of US$0.89 billion, a decrease of US$0.31 billion from a year ago. The income account surplus shrank by US$0.60 billion to US$4.80 billion, mainly accounted for by lower income from direct investment abroad. Current transfer posted a smaller deficit of US$0.64 billion, a decrease of US$0.67 billion from the same period last year, during which anti-trust penalties were paid by several major LCD panel producers. Overall, reduced surpluses in services and income accounts were offset by a wider goods trade surplus and a narrower current transfer deficit. For the first quarter of 2012, the current account surplus went up by US$0.28 billion, or 2.6% from the same period of the previous year.
In terms of the financial account, direct and portfolio investment showed net outflows of US$1.97 billion and US$1.07 billion, respectively. Residents' direct investment abroad posted a net outflow of US$3.43 billion, while nonresidents' direct investment registered a net inflow of US$1.46 billion. Residents' portfolio investment abroad exhibited a net outflow of US$6.37 billion, primarily due to more investment in overseas debt securities by insurance companies. Nonresidents' portfolio investment registered a net inflow of US$5.30 billion, mostly owing to increasing foreign investment in the Taiwanese stock markets. Other investment posted a net outflow of US$0.46 billion, mainly attributable to more foreign lending by the banking sector.
Notes: 1. The next balance of payments data will be released at 16:20 p.m. on
August 20, 2012.
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.