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Central Bank of the Republic of China



Central Bank of the Republic of China (Taiwan)

PRESS RELEASE                      Release Date: May 20, 2019


For the first quarter of 2019, the overall balance of payments registered a current account surplus of US$17.09 billion, a net asset increase of US$14.65 billion on the financial account, and an increase of US$2.73 billion in the Bank's reserve assets.

I.        Current Account

The current account surplus decreased by US$5.09 billion or 23.0% over the same quarter of the previous year.

1.  The goods trade surplus shrank by US$4.10 billion year on year to US$12.43 billion. Exports declined by US$6.90 billion because of the impact from slower global economic growth and a higher base effect. Imports decreased by US$2.80 billion year on year owing to softer export-derived demand.

2.  The services account posted a smaller deficit of US$0.76 billion, with a year-on-year decrease of US$0.43 billion mainly owing to increased receipts from professional and management consulting services.

3.  The primary income surplus narrowed by US$1.54 billion to US$6.22 billion, mainly owing to a decrease in residents' direct investment income.

4.  The secondary income account posted a smaller deficit of US$0.80 billion, declining by US$0.12 billion as outward remittances for family allowances and support and outward workers' remittances both decreased.

II.     Financial Account

1.  The direct investment account registered a net asset increase of US$1.47 billion. Of the components, residents' direct investment abroad and inbound direct investment by foreign investors recorded net increases of US$2.32 billion and US$0.84 billion, respectively.

2.  Portfolio investment recorded a net asset increase of US$12.77 billion. Of the components, residents' portfolio investment abroad posted a net increase of US$15.70 billion, mainly on the back of greater overseas securities investment by onshore funds and domestic insurers. Nonresidents' portfolio investment exhibited a net increase of US$2.93 billion as foreign investors expanded share holdings in the local stock market.

3.  Financial derivatives showed a net asset decrease of US$0.23 billion, mainly because other financial institutions received gains on disposal of financial derivatives.

4.  Other investment recorded a net asset increase of US$0.63 billion, mainly accounted for by increases in overseas interbank deposits and loans by the banking sector.



1. The next balance of payments data will be released at 16:20 p.m. on August 20, 2019.

2. For the release schedule for the upcoming months, please check the CBC website at: Advance Release Calendar

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