BALANCE OF PAYMENTS
PRESS RELEASE Release Date: August 20, 2013
BALANCE OF PAYMENTS
For the second quarter of 2013, the overall balance of payments registered a surplus of US$3.88 billion, reflecting an increase in the Bank's reserve assets. The current account ran a surplus of US$13.80 billion, and the financial account posted a net outflow of US$10.08 billion.
In the current account, exports grew by 2.5% over the same period last year, supported by increased exports to other Asian economies. Imports contracted by 3.7% year on year, owing to a decline in international raw material prices and reduced imports of mineral products and base metals. With an increase in exports and a decline in imports, the goods trade surplus widened to US$10.26 billion, up by US$4.50 billion compared to the same quarter last year.
The surplus on services was US$1.92 billion, similar to the figure a year ago. The income account recorded a smaller surplus of US$2.27 billion with a decrease of US$1.54 billion from the same period last year, mainly attributable to reduced investment income from foreign exchange assets and payment increases for non-residents' dividends on equity investment.
The current transfer deficit was US$0.66 billion, slightly higher with a year-on-year increase of US$0.06 billion. Overall, a larger goods trade surplus more than offset the decrease in income surplus and the slight increase in current transfer deficit, leading to an increase in the current account surplus by US$2.91 billion or 26.7%.
The capital account posted a surplus of US$0.03 billion, owing to the increased receipts from residents' sales of patent rights.
With regard to the financial account, direct and portfolio investments registered net outflows of US$2.18 billion and US$3.20 billion, respectively. Residents' portfolio investment abroad exhibited a net outflow of US$3.07 billion, mainly owing to greater investment in debt securities abroad by insurance companies. Non-residents' portfolio investment posted a net outflow of US$0.13 billion, mainly reflecting reductions in their holdings of government bonds. Financial derivatives recorded a net inflow of US$0.26 billion. Other investment exhibited a net outflow of US$4.96 billion, mainly attributable to an increase in overseas lending by offshore banking units (OBUs).
For the first half of 2013, the current account registered a surplus of US$24.86 billion, the financial account showed a net outflow of US$19.07 billion, and the overall balance recorded a surplus of US$6.03 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
November 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=39593&ctNode=518&mp=1.