(Updates with Mexico, adds link to factbox)
LONDON, Feb 10 (Reuters) - Many developing countries such as Russia and Turkey saw steep falls in central bank reserves last month, though across emerging markets, excluding China, reserves rose by $65 billion last month.
Reserves in emerging markets are growing at a much slower pace and data compiled by Reuters from central banks shows accumulation is concentrated in economies such as Mexico South Korea and Taiwan that benefit from the U.S. economic recovery.
Mexican reserves grew by $14 billion in the past year, according to data posted on the central bank website on Monday.
Many others are dipping into their coffers to repay debt or to support currencies, the following graphic and table, based on official data show:
For TABLE on central bank reserves:
Russian reserves fell $30 billion over the year, while Indonesia and India lost $8 billion and $4 billion respectively,
Turkey's $100 billion-plus figure also masks a more drastic fall in net, or useable reserves, that analysts say are around $33 billion, having fallen from $40 billion last summer.
In percentage terms, the most dramatic falls have been in Pakistan which has lost 40 percent of its reserves since January 2013, followed by Argentina and Ukraine.
Overall, reserves in emerging markets excluding China rose by $200 billion or 5 percent in the past year, according to data from consultancy CrossBorder Capital.
That's well below the 20-30 percent annual increases seen between 2003-2007 or even the 10-20 percent year-on-year rises between 2009-2011.
Total emerging reserves stood at $4.19 trillion by end-January 2014, up from $4.12 trillion on Dec 31, 2013 and $3.99 trillion a year ago, according to the following graphic, based on CrossBorder Capital data:
The data excludes China whose $3.8 trillion stash is almost as much as the combined reserves of all other emerging markets.
Reserve growth may slow further from now as a China-fuelled commodity and trade boom dissipates, and capital flows ebb.
"The peak of reserve accumulation in emerging markets has already been seen. There is not a great likelihood of big capital inflows for some time," said Michael Howell, managing director of CrossBorder Capital.
"Many countries are seeing a decline in reserves as a proportion of gross domestic product and short-term debt."
(Reporting by Sujata Rao; graphic by Vincent Flasseur; Editing by Andrew Heavens)
((sujata.rao@thomsonreuters.com)(44 20 7542 6176)(Reuters Messaging: sujata.rao.thomsonreuters.com@thomsonreuters.net))
Keywords: EMERGING RESERVES
