In the current account, decreases in exports to Mainland China and the US led the overall export growth to contract by 0.8% from the same period of last year. Imports fell by 3.6% year on year, owing to reduced imports of agricultural and industrial raw materials and capital equipment. With a larger decline in imports than exports, the goods trade surplus widened by US$1.82 billion to US$10.43 billion compared to the same period of the previous year.

The services account recorded a surplus of US$2.15 billion, increasing by US$0.85 billion from the same period last year on account of higher travel receipts and lower royalty and license fee payments. The income account ran a surplus of US$3.33 billion, with a year-on-year increase of US$0.37 billion mainly due to decreased payments for non-residents' dividend income. Current transfers deficit widened by US$0.42 billion to US$0.99 billion, mainly owing to greater outward remittances for family support as well as anti-trust penalty payments.

For the third quarter of 2013, the current account surplus rose by US$2.62 billion or 21.3% year on year, as a wider current transfers deficit was offset by increases in surpluses on goods trade, services and income accounts.

In the financial account, direct and portfolio investment registered net outflows of US$2.35 billion and US$8.36 billion, respectively. Residents' portfolio investment abroad exhibited a net outflow of US$12.39 billion, mainly attributable to greater investment in foreign debt securities by insurance companies. Non-residents' portfolio investment recorded a net inflow of US$4.03 billion, reflecting an increase in their domestic stock holdings. Financial derivatives posted a net inflow of US$0.12 billion, while banks' expanded deposits with overseas branches resulted in a net outflow of US$0.50 billion in other investment.

For the first three quarters of 2013, the current account registered a surplus of US$40.23 billion, the financial account exhibited a net outflow of US$29.68 billion, and the overall balance recorded a surplus of US$8.64 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
February 20, 2014.
2. For the release schedule for the coming months, please check the CBC website at http://www.cbc.gov.tw/ct.asp?xItem=30164&ctNode=515&mp=2.