The nation’s exports grew 1 percent from a year earlier to US$24.66 billion last month, rising for two months running, led by robust demand for electronics components, particularly semiconductors used in smartphones and Internet of Things (IoT) applications, the Ministry of Finance said yesterday.
The growth momentum might continue this month and beyond as major technology firms step up capital spending to meet demand from customers, the ministry said.
“The marginal increase in the latest trade data reflects the recovery [in the domestic economy] advancing at a snail’s pace,” Department of Statistics Director-General Beatrice Tsai (蔡美娜) said.
Imports, also a critical barometer for the economy because most stem from export needs, declined 0.8 percent to US$20.67 billion, yielding a trade surplus of US$$3.99 billion, an 11.4 percent gain from a year earlier, the ministry said in a report.
Imports might recover to reach positive territory this month at the earliest after 21 consecutive months of contraction now that the global financial landscape has stabilized and firms are expected to buy more capital equipment, Tsai said.
Taiwan Semiconductor Manufacturing Co (台積電), the world’s largest contract chipmaker, whose customer includes Apple Inc, has raised capital spending for this year, Tsai said.
The bulk of the TSMC increase is to be implemented toward the end of this year, Tsai said.
MediaTek Inc (聯發科), a supplier of handset chips to Chinese smartphone brands, recently revised its profit targets upward on the back of stronger-than-expected demand, Tsai added.
Shipments of electronics components jumped 14.8 percent to a record US$8.45 billion last month, while all other product categories declined, the report said, indicating an uneven recovery and heavy dependence on a few sectors.
Electronics components drove 34.3 percent of overall exports last month and averaged 32.2 percent for the first eight months, it said.
The government has tried to diversify export products and destinations, but it would take several years to bear fruit if the adjustments work at all, analysts have said.
Overall shipments to the US increased 5.7 percent to US$3.03 billion last month and gained 3.5 percent to China at US$9.96 billion, the report said.
Exports to Europe picked up 2.1 percent to US$2.29 billion and grew 0.8 percent to reach US$4.51 billion to ASEAN members, the report added.
Japan proved to be the exception, with outbound shipments to that nation dropping 1.9 percent to US$1.62 billion, the report showed.
For the first eight months, exports totaled US$180.1 billion, shrinking 6.6 percent from the same period last year, while imports fell 8.1 percent to US$148.48 billion, the report said.
Local firms might benefit from last-minute orders for the new iPhone and other Apple devices to be unveiled overnight — if they sell strongly — as inventory buildup has come to an end, Tsai said.
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