Exports hit new high on Asian demand

Exports rose 10.6 percent last month year-on-year to an all time-high of US$22.22 billion, mainly on increased Asian demand, the Ministry of Finance said yesterday.

Orders from Hong Kong, China and some Southeast Asian nations helped power the performance. In August, exports grew 10.5 percent to US$21.40 billion.

Last month's figure was the fourth consecutive month a new record was set, the ministry said.

"China and other emerging markets in Asia will continue to offset weakening demand in Europe and the US in the fourth quarter," Tia Lin, an economist at First Taisec Securities (一銀證券), said by telephone.

Exports to China and Hong Kong combined rose 19.7 percent last month, faster than August's 14.8 percent.

The statistics also showed shipments to Southeast Asia rose 19.1 percent last month, after climbing 28.4 percent in August. US-bound goods fell 8.3 percent, following an 11.5 percent drop the previous month, while exports to Europe rose 10.8 percent, after August's 8.5 percent growth.

Meanwhile, imports rose 10.5 percent year-on-year to US$19.07 billion, against a 0.3 percent decline to US$18.10 billion in the preceding month, the ministry's statistics showed.

Imports for the month were the second-highest on record, surpassed only by the US$20.73 billion recorded in July.

The trade surplus stood at US$3.15 billion last month, narrowing from US$3.30 billion in August, the statistics showed.

For the first nine months of the year, the trade surplus stood at US$17.44 billion, up 28.1 percent from the same period a year earlier.

Exports in the nine-month period rose 8.3 percent to US$178.74 billion, while imports rose 6.5 percent to US$161.30 billion.

In other developments, Premier Chang Chun-hsiung (張俊雄) said yesterday that the economy will grow by at least 4.58 percent this year, given steady growth in the industrial sector and thriving performances on the local bourse.

Chang made the estimate during a speech at a ceremony marking the inauguration of four new products by the Taiwan Futures Exchange -- GRETAI Securities Market stock index futures; GRETAI Securities Market stock index options; non-electronics, non-finance sub-index futures as well as non-electronics, non-finance sub-index options.

He said Taiwan's overall economic growth could top at least 4.58 percent this year with the stock market's help. The market has continued to attract foreign funds that have reached a seven-year high so far this year.