BALANCE OF PAYMENTS
PRESS RELEASE Release Date: February 20, 2014
BALANCE OF PAYMENTS
For the fourth quarter of 2013, the overall balance of payments recorded a surplus of US$2.68 billion, reflecting an increase in the Bank's reserve assets. The current account posted a surplus of US$17.14 billion and the financial account showed a net outflow of US$13.88 billion.
In the current account, export growth expanded by 1.7% year on year, boosted by increased exports to Mainland China, Hong Kong, and ASEAN economies. Imports grew by 1.6% year on year, as imports of capital equipment and consumer products rose. With a larger increase in exports than in imports, the goods trade surplus widened by US$0.28 billion to US$11.08 billion, compared to the same period of the previous year.
The services account recorded a surplus of US$3.11 billion, with a year-on-year increase of US$0.77 billion due to gains in net proceeds from merchanting and a decrease in expenditure on trade commissions. The income account surplus slightly narrowed to US$3.67 billion, down by US$0.06 billion from the same period last year owing to reduced revenues of residents' investment in foreign exchange assets. The current transfers deficit also narrowed by US$0.09 billion year on year to US$0.71 billion, mainly reflecting an uptick in inward remittances for family support.
Overall, the current account surplus of the fourth quarter of 2013 rose by US$1.09 billion or 6.8% year on year, as record-high quarterly surpluses on both goods trade balance and services account offset the decrease in the income surplus, as well as a narrower current transfer deficit.
In the financial account, direct and portfolio investment registered net outflows of US$2.43 billion and US$5.94 billion, respectively. Residents' portfolio investment abroad exhibited a net outflow of US$9.77 billion, mainly attributable to the investment in foreign debt securities by insurance companies. Non-residents' portfolio investment recorded a net inflow of US$3.83 billion, mostly accounted for by increasing foreign investment in the Taiwanese stock markets. Financial derivatives posted a net inflow of US$0.28 billion, while other investment showed a net outflow of US$5.80 billion as banks' deposits with overseas branches increased.
For the year of 2013 as a whole, the current account registered a surplus of US$57.38 billion, the financial account exhibited a net outflow of US$41.16 billion, and the overall balance recorded a surplus of US$11.32 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, 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.