Taiwan's exports rose last month as orders for computers, mobile phones and semiconductors increased, the Ministry of Finance said in a statement yesterday. \nShipments advanced 26.1 percent from a year earlier to US$14.66 billion, the ministry said. Imports increased 32.9 percent to US$13.77 billion. The trade surplus narrowed 29.4 percent to US$892.4 million last month from a year earlier, the ministry added. That figure was compared with the nation's US$202.6 million deficit in June, the first trade deficit since March 2000. \nIn the first seven months of this year, the nation's trade surplus reached US$4.79 billion, down 46.9 percent from a year earlier. Exports in the seven-month period rose 25.7 percent to US$98.61 billion, while imports increased 35.2 percent to US$93.82 billion. \n"We are not seeing any signs of a slowdown," Hsu Kuo-chung (許國忠), director of the statistics department at the finance ministry, said at a press conference yesterday. \nBoth exports and imports have registered double-digit year-on-year growth for nine consecutive months since November last year, and the government will probably raise its export growth forecast for this year from 17 percent when it reports second-quarter economic growth at the end of next week, said Hsu. \nRising demand for exports is likely to help the nation to lift economic growth further as unemployment becomes less of a worry and financial institutions are more willing to lend. \nThe nation's top economic think tank, Academia Sinica, last month revised upwards its economic forecast for the nation. It predicts growth of 5.76 percent this year, up from the 4.35 percent growth predicted in December. The private think tank Chung-Hua Institution for Economic Research last month also revised its forecast upward to 5.35 percent from 4.67 percent. \nExports of computer chips and other electronic parts, which make up the biggest share of the country's overseas sales, rose 40 percent to US$3.4 billion last month after surging 36 percent in June. \n"These numbers are encouraging, but headwinds are growing and Taiwan's export growth may slow down," said Robert Subbaraman, senior economist at Lehman Brothers Japan Inc in Tokyo. "We are worried that technology industry demand may slow down in the second half." \nThe nation's exports of information technology and communications products fell 7.4 percent to US$934 million last month, the ministry said in the statement. The Semiconductor Industry Association, based in San Jose, California, said this month it expects growth in global semiconductor sales to slow going forward. Even so, it predicts sales will be a record US$214 billion this year. \nHong Kong and China remained the two largest export markets for Taiwan, with shipments jumping 42 percent to US$5.58 billion after climbing 36 percent in June, the ministry said. Hong Kong and China were followed by the US with US$2.41 billion in shipments and Europe with US$1.72 billion, and Japan, US$1.2 billion.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status, but even there the hallowed silver screen might be losing its shine to streaming services and pandemic fears. “Whenever things get better and theaters begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself. However, others might not join the party. With cinemas shut for months due to a COVID-19 lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to