The nation’s exports rose 12.1 percent from a year earlier to US$25.34 billion last month, advancing at the fastest pace in nearly four years, as demand for electronic components used in latest-generation technology remains strong ahead of Western and Lunar New Year holidays, the Ministry of Finance said yesterday.
The pickup, accelerating from a 9.4 percent increase a month earlier, confirms a stable recovery for the nation’s export-oriented economy, which might have fared better than forecast last month, the ministry said.
“Exports are set to recover faster than projected for this quarter and beyond thanks to strong demand for smartphones and the latest electronic components,” Department of Statistics Director-General Beatrice Tsai (蔡美娜) said.
Exports to all destinations improved as more partners emerged from a global slowdown, while all product categories except transportation tools registered positive movements, Tsai said.
Growth momentum was particularly noticeable in China and ASEAN markets, which accounted for 83 percent of the bounce, according to the ministry’s report, suggesting that Chinese smartphones are catching up in popularity with Apple Inc’s iPhone series.
Exports of electronic components rose 26.9 percent to US$8.79 billion, while semiconductor shipments grew 35.3 percent to US$7.54 billion, the report said.
Optical products, mainly camera lenses used in hand-held devices, gained 12.6 percent to US$1.09 billion, it said.
Exports of mineral products increased 8.2 percent to US$1.01 billion, ending years of decline caused by cheaper crude oil prices, the report said.
Imports, also a crucial economic gauge, as most result from export needs, grew 3 percent to US$21.07 billion — as local semiconductor firms aggressively acquired new equipment to update technology — more than offsetting the decline in car and smartphone imports, Tsai said.
The latest figures indicated a trade surplus of US$$4.27 billion, nearly double the level a year earlier, the report said.
China bought NT$10.71 billion (US$335.7 million) worth of goods from Taiwan, an increase of 19 percent from a year earlier and accounting for 42.3 percent of all shipments, the report said.
Shipments to ASEAN grew 13.5 percent to US$4.6 billion, while exports to the US and Europe increased 9.1 percent and 1.9 percent to US$2.96 billion and US$2.18 billion respectively, the report said.
While demand for the Christmas season might have plateaued, inventory need ahead of the Lunar New Year is gaining speed, Tsai said.
The Lunar New Year holidays are from Jan. 27 to Feb. 1 next year.
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