BALANCE OF PAYMENTS
PRESS RELEASE Release Date: May 20, 2013
BALANCE OF PAYMENTS
For the first quarter of 2013, the overall balance of payments registered a surplus of US$2.15 billion, reflecting an increase in the Bank's reserve assets. The current account ran a surplus of US$11.09 billion, and the financial account posted a net outflow of US$9.52 billion.
In the current account, exports grew by 2.3% over the same period last year, supported by robust exports of mineral products, electronics, and optical instruments amid a solid recovery of Taiwan’s major export markets in Asia. Imports rose 4.4% year on year, owing to import growth in capital equipment and consumer goods. With an increase in imports larger than that in exports, the goods trade surplus narrowed to US$4.84 billion, down by US$1.25 billion compared to the same quarter last year.
The surplus on services increased by US$1.40 billion from the figure a year ago to US$2.19 billion, mainly accounted for by greater net receipts from merchanting trade and decreases in expenditure on the use of intangible assets and on professional and technical services. The income account recorded a smaller surplus of US$4.69 billion with a decrease of US$0.14 billion from the same period last year, mainly attributable to reduced investment income from foreign exchange assets.
Current transfer deficit was US$0.63 billion, slightly lower with a year-on-year decrease of US$0.02 billion. Overall, a larger services account surplus and a narrower current transfer deficit more than offset decreases in goods trade and income surpluses, leading to a modest increase in the current account surplus by US$0.03 billion or 0.2% in the first quarter of 2013.
With regard to the financial account, direct and portfolio investment registered net outflows of US$3.22 billion and US$11.85 billion, respectively. Residents' portfolio investment abroad exhibited a net outflow of US$12.11 billion, mainly owing to greater investment abroad by insurance companies. Non-residents' portfolio investment posted a net inflow of US$0.25 billion as foreign investors loaded up on Taiwan's stocks. Financial derivatives recorded a net inflow of US$0.11 billion. Other investment exhibited a net inflow of US$5.45 billion, mainly attributable to withdrawal of overseas deposits by the private sector.
Notes: 1. The next balance of payments data will be released at 16:20 p.m. on
August 20, 2013.
2. For the release schedule for the upcoming months, please check the CBC website at http://www.cbc.gov.tw/ct.asp?xItem=30164&ctNode=515&mp=2.