central bank of the republic of china (taiwan)

press release                                    release date: may 19, 2017   

  balance of payments (q1 2017)

for the first quarter of 2017, the overall balance of payments registered a current account surplus of us$16.39 billion, a net asset increase of us$13.89 billion on the financial account, and an increase of us$2.43 billion in the bank's reserve assets.

i.       current account

the current account surplus narrowed by us$3.19 billion or 16.3% over the same quarter of the previous year.

1.  the goods trade surplus shrank by us$1.43 billion year on year to us$15.76 billion. exports grew by us$5.30 billion, bolstered by thriving demand for semiconductors and a lower base effect. imports also rose by us$6.73 billion as export-derived demand strengthened and international raw material prices trended up.

2.  the services deficit widened by us$0.37 billion year on year to us$2.68 billion, mainly owing to decreased travel receipts.

3.  the primary income account posted a smaller surplus of us$4.37 billion, a us$0.87 billion decline owing mainly to an increase in payments to non-residents' portfolio investment income.

4.  the secondary income deficit widened by us$0.51 billion to us$1.06 billion mainly because of increases in workers' outward remittances and in residents' remittances to overseas relatives.

ii.     financial account

1.  the direct investment account registered a net asset increase of us$1.72 billion. of the components, residents' direct investment abroad and inbound direct investment by foreign investors recorded net increases of us$2.64 billion and us$0.93 billion, respectively.

2.  portfolio investment exhibited a net asset increase of us$26.12 billion. of the components, residents' portfolio investment abroad posted a net increase of us$34.17 billion mainly because insurance companies expanded their investment in debt securities abroad. non-residents' portfolio investment showed a net increase of us$8.04 billion as foreign investors boosted their holdings of taiwanese stocks.

3.  financial derivatives posted a net asset decrease of us$0.93 billion, mainly because of gains on disposal of financial derivatives received by banks and other financial corporations. 

4.  other investment recorded a net asset decrease of us$13.02 billion, mainly owing to an increase in trade credit received by the private sector as well as foreign borrowing by the banking sector.



1. the next balance of payments data will be released at 16:20 p.m. on august 21, 2017.

2. for the release schedule for the upcoming months, please check the cbc website at