The current account surplus in Taiwan widened to USD 12.48 billion in Q3 2019 from USD 10.9 billion a year earlier. The goods surplus increased (USD 16.2 billion from USD 15.7 billion), with exports declining to USD 85.13 billion as the US-China trade conflict remained unresolved, uncertainties over the global economy and trade were still high, and international raw material prices displayed a broad downtrend. Imports also shrank to USD 68.97 billion because of weaker export-derived demand. Also, the deficits narrowed for the services account (USD -1.9 billion from USD -2.3 billion) amid increased receipts from professional and management consulting services; primary income (USD -1.2 billion from USD -1.7 billion), mainly owing to reduced outward payments for nonresidents' direct investment income; and the secondary income (USD -0.57 billion from USD -0.84 billion), mainly because inward remittances for family allowances/support and workers' remittances increased. Current Account in Taiwan averaged 6225.39 USD Million from 1981 until 2019, reaching an all time high of 27901 USD Million in the fourth quarter of 2017 and a record low of -851 USD Million in the first quarter of 1981.
Current Account in Taiwan is expected to be 20873.00 USD Million by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Current Account in Taiwan to stand at 19228.00 in 12 months time. In the long-term, the Taiwan Current Account is projected to trend around 23600.00 USD Million in 2020, according to our econometric models.