BALANCE OF PAYMENTS
PRESS RELEASE Release Date: February 23, 2013
BALANCE OF PAYMENTS
For the fourth quarter of 2012, the overall balance of payments registered a surplus of US$3.58 billion, reflecting an increase in the Bank's reserve assets. The current account ran a surplus of US$15.96 billion and the financial account showed a net outflow of US$11.61 billion.
In the current account, a stabilizing global economy contributed to year-on-year increases for both exports and imports growing by 2.5% and 0.2%, respectively. As exports expanded faster than imports goods trade surplus widened by US$1.76 billion from the same period of the previous year to reach US$10.75 billion. The services account recorded a surplus of US$2.26 billion, US$1.03 billion higher than the same period last year, mainly due to a decrease in payments for use of intangible assets. The income account surplus increased by US$1.48 billion year on year to US$3.75 billion, mainly due to payment decreases for non-residents' dividends and increased revenues of residents' investment in foreign exchange assets. Current transfers ran a wider deficit of US$0.80 billion, up by US$0.24 billion from the same period last year.
In sum, goods, services, and income accounts all registered wider surpluses. For the fourth quarter of 2012, the current account surplus rose by US$4.03 billion or 33.8% over the same period of the previous year, the highest single quarter performance ever recorded.
With regard to the financial account, direct and portfolio investment registered net outflows of US$3.13 billion and US$10.53 billion, respectively. Residents' portfolio investment abroad exhibited a net outflow of US$13.58 billion, mainly due to greater investment abroad by insurance companies. Non-residents' portfolio investment posted a net inflow of US$3.05 billion as foreign investors loaded up on Taiwan's stocks. Financial derivatives recorded a net inflow of US$0.10 billion. Other investment exhibited a net inflow of US$1.96 billion, mainly attributable to increases in foreign borrowing by the banking sector and withdrawal of overseas deposits by the private sector.
For the whole of 2012, the current account registered a surplus of US$49.55 billion, the financial account showed a net outflow of US$31.50 billion, and the overall balance recorded a surplus of US$15.48 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, 2013.
2. For the release schedule for the next six months, please check the CBC website at http://www.cbc.gov.tw/ct.asp?xItem=38548&ctNode=518&mp=1.