Tue, Jul 10, 2007 - Page 12 News List

Taiwan's exports grew 11% last month

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Export growth accelerated more than expected last month on increased shipments to China, where manufacturing was the strongest in more than two years.

Exports rose 11 percent from a year earlier, the largest increase in five months, after gaining 3.5 percent in May, the Ministry of Finance said yesterday. That was double the 5.5 percent median estimate in a survey of 11 economists.

Asian nations are reporting a pickup in overseas sales that may help stoke economic growth. Malaysia's exports rose at the fastest pace in four months in May and South Korea's shipments surged to a record last month. The region is almost twice as reliant on overseas sales as the rest of the world.

"China and Europe should have remained the two main pillars of growth for Taiwan," Ma Tieying, an economist at DBS Bank Ltd in Singapore, said before the report was released.

Imports rose 10.7 percent from a year earlier, after falling 0.1 percent in May. That resulted in Taiwan reporting a trade surplus of US$1.41 billion last month.

Exports to China and Hong Kong combined climbed 14.6 percent last month, the ministry's report showed.

Taiwan shipped 17.8 percent more exports to Europe than the same month a year earlier. Sales to the US rose 5.6 percent last month after falling 6.6 percent in May. Shipments to Japan dropped 4.4 percent.

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