Tue, Aug 08, 2006 - Page 11 News List

Exports rose last month on back of electronics sales

BLOOMBERG

Export growth unexpectedly accelerated last month as companies such as ProMOS Technologies Inc (茂德科技) sold more electronics to countries including China.

Overseas shipments rose 21.2 percent from a year earlier to a record US$19.58 billion after climbing 16.5 percent in June, the Ministry of Finance said in a statement in Taipei yesterday.

That beat the 14.5 percent median forecast of 15 economists surveyed by Bloomberg News.

Taiwanese companies are selling more laptops, flat panels and computer chips to the US, Europe and China, driving growth in Asia's sixth-largest economy.

Exports may cool in coming months as rising global interest rates and surging energy prices damp demand in Taiwan's biggest overseas markets.

"Electronic exports have been more robust than we expected," said Renee Chen, an economist at Citibank NA in Taipei.

"Export growth could drop to the single digits in the second half," she said.

Exports of computer chips and other electronic parts jumped 29.3 percent last month to US$5.51 billion, matching June's increase, the ministry said.

Growth in sales of information technology and telecommunications products was little changed.

ProMOS Technologies, the nation's third-largest maker of computer memory chips, said sales last month more than doubled from a year earlier and rose 16 percent from June, according to a filing to the Taiwan Stock Exchange.

Sales to Europe gained 13.1 percent to US$2 billion from a year earlier after rising 14 percent in June, the report showed.

Exports to Japan rose 9.9 percent to US$1.4 billion after expanding 13 percent in June.

Taiwan's exports to the US, Taiwan's second largest export market after China, climbed 23 percent to US$3 billion after rising 5.8 percent the previous month.

Exports to China and Hong Kong jumped 18.6 percent last month from a year earlier to US$7.66 billion following a 16 percent gain in June.

Imports jumped 17.5 percent to US$17.78 billion, leaving a trade surplus of US$1.8 billion for the months, according to the release.

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