Imports from Japan unexpectedly rose nearly 9 percent from a month earlier last month as local companies increased orders over concerns of supply constraints for raw material and key parts after the March 11 earthquake shut down factories in the country, the Ministry of Finance said yesterday.
Imports from Japan marked their second-highest level, totaling US$4.79 billion last month, up 8.86 percent, or US$450 million, from US$4.39 billion in February, the ministry’s data showed.
“Although most people had expected the imports from Japan to dip because of the massive earthquake, stronger demand for electronic and chemical products led to the growth of imports from Japan,” Lin Lee-jen (林麗貞), director of the ministry’s statistics department, told a media briefing.
Local companies adopted a pessimistic outlook on a potential shortage of Japan-made components, driving up their rush orders for these goods, further driving the growth of imports from Japan, Lin said.
However, Donna Kwok (郭浩庄), economist for Greater China at HSBC Asia, said in a research note that supply disruptions from Japan would feed through, influencing Taiwan’s imports in the coming months.
Exports to Japan fell 2.5 percent from a year earlier to US$1.47 billion last month, as the country’s massive quake drove down its demand for Taiwan’s electronic products, Lin said.
For the first quarter, exports to Japan totaled US$4.43 billion, with imports from Japan standing at US$13.64 billion, both setting all-time highs, data showed.
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