The nation’s exports grew 7 percent year-on-year to US$23.74 billion last month, thanks to strong demand for electronic components used in mobile and Internet-of-Things devices, the Ministry of Finance said yesterday.
The figure represented the fourth consecutive month of expansion as the global economy improved, more than offsetting shipment disruptions caused by the Lunar New Year holiday, the ministry said.
“Growth momentum may pick up further this month and beyond, as holiday disruptions fade away and upgrade demand gains momentum,” Department of Statistics Director-General Beatrice Tsai (蔡美娜) said.
Electronics shipments, which account for 32.7 percent of overall exports, rose by a double-digit percentage to US$7.77 billion, a new high for the month, Tsai said.
The uptrend was particularly evident for semiconductors, with shipments valued at US$6.63 billion, 85 percent of total electronics exports, the ministry’s report said, suggesting a heavy reliance on the sector.
Almost all other product categories — except textiles — registered a pickup of between 1.2 percent and 25.1 percent, lending support to a somewhat uneven recovery, the report said.
Textile shipments shrank 7 percent to US$747 million, as firms increasingly shifted production facilities overseas to save costs, Tsai said.
Imports rose 8.4 percent to US$20.25 billion last month from a year earlier, yielding a trade surplus of US$3.5 billion, the report said.
Raw materials underpinned the increase with a 67.4 percent share, a phenomenon rarely seen, Tsai said, adding that stable international crude oil and raw material prices gave firms confidence to build up inventory.
All trade partners except Japan bought more products, with China increasing its purchases by 7.6 percent to US$9.21 billion, the report showed.
Shipments to ASEAN gained 11.3 percent to US$4.44 billion, driven by recovering demand for mineral, plastic and chemical products, Tsai said.
Trade within Asia accounted for 85 percent of total exports, in line with the rising importance of the region in the global economy, Tsai said.
Exports to the US gained 3.8 percent to US$2.83 billion, while shipments to Europe rose 7.5 percent to US$2.39 billion, the report showed.
Shipments to Japan contracted 1.6 percent to US$1.67 billion.
It is too early to tell if and how US President Donald Trump’s trade policies would affect Taiwan’s economy, Tsai said.
“Protectionism may foster demand for automation among manufacturers and benefit local machinery makers,” she said.
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