By Crystal Hsu / Staff reporter
Taiwan posted a strong current account surplus in the first quarter, driven mainly by a surge in exports linked to global demand for new technologies, especially electronics used in artificial intelligence applications, the central bank said yesterday.The current account surplus rose by US$32.84 billion from a year earlier in the January-to-March period. The key driver was the goods trade surplus, which widened to US$58.01 billion, up US$30.97 billion, the bank said.Export growth was fueled by strong demand for advanced electronics and semiconductors, reflecting continued momentum in emerging technology applications, it said.
The central bank logo is pictured on the door of the bank in Taipei on June 1 last year.
By contrast, the services account deficit widened to US$3.42 billion, the second-highest quarterly shortfall on record. This was mainly due to higher overseas travel spending, as more Taiwanese traveled abroad, the bank said. The trend reflects stronger household incomes and continued enthusiasm for overseas travel, particularly among younger people, it said.On the financial account, Taiwan saw continued capital outflows, with net direct investment assets rising by US$7.37 billion from a year earlier, as local firms increased overseas investments, while foreign direct investment into Taiwan increased by US$2.64 billion, the bank said.
