Exports rose last month at their fastest pace in nine months, climbing to a record, the Ministry of Finance said yesterday.
Exports rose 16 percent from a year earlier to US$13.8 billion after climbing 14 percent in October, while imports rose 33 percent to US$12.4 billion, leaving a trade surplus for last month of US$1.4 billion, the ministry said.
"Strong external indicators and export orders suggest further export growth acceleration over the course of the fourth quarter and well into the first half of 2004," said Joseph Lau, a Hong Kong-based economist at Credit Suisse First Boston.
Overseas sales, which account for about half of Taiwan's GDP, are surging as spending and investment climb in China, and the New Taiwan dollar's 12 percent slide against the euro so far this year makes Taiwanese goods cheaper in Europe. The government predicts exports will rise 9.3 percent this year, outpacing a projected 0.8 percent increase in consumer spending.
Exports to China and Hong Kong rose 33 percent in November to US$5.1 billion, the report showed. Many goods headed for China go through Hong Kong because of restrictions on trade between China and Taiwan. Shipments to Europe increased 19 percent to US$2.1 billion, while those to Japan rose 5.6 percent to US$1.1 billion and those to the US fell 7.6 percent to US$2.2 billion.
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