The nation's trade surplus hit an all time high at US$27.38 billion last year, while exports and imports also hit record highs last month, growing 19.8 percent and 27.5 percent respectively to US$23.48 billion and US$21.26 billion.
"Demand for petrochemical products, steel and opto-electronic equipment was especially strong," said Lee Li-Shue (
Exports to the six ASEAN nations surged 42.4 percent to US$10.71 billion last month, the ministry's statics showed.
growth
Exports to major markets such as China and Hong Kong, the US and South Korea all saw double-digit growth.
"Robust economic growth in emerging countries is driving their hunger for consumer products and materials for infrastructure construction," said Hsu Kuo-an (
Taiwan's exports to the Middle East, Africa and India grew by 76.8 percent, 105.6 percent and 197.5 percent respectively year-on-year during the same period.
imports
Meanwhile, imports hit a new high last month on rising oil and raw material prices.
On average, the nation paid US$85.98 per barrel of oil imported last month, up 55 percent from US$55.45 one year earlier.
As of last month, Taiwan has enjoyed a trade surplus for 22-straight months. But the US$2.22 billion surplus is down 24.2 percent year-on-year.
Despite the jubilant mood among officials, analysts are not as optimistic about economic prospects this year.
"The US economic slowdown will inevitably have an impact on ... emerging markets which have enjoyed spectacular performances in recent years. Even if we see growth in 2008 exports, the percentage is almost certainly going to be in single digits," Hsu said.
not immune
Chang Yu-hui (
"Although we have seen an increase of demand from emerging countries, they cannot offset the role of the US as a major global consumer. Let's not forget that those emerging nations feed off [the US market], too," Chang said. "So far, Chinese and Indian economies have remained robust. Whether China can continue to create demand for our exports remains to be seen."
China and Hong Kong together account for more than 40 percent of Taiwan's exports, while the US market's contribution is less than 15 percent, statistics show.
MORE VISITORS: The Tourism Administration said that it is seeing positive prospects in its efforts to expand the tourism market in North America and Europe Taiwan has been ranked as the cheapest place in the world to travel to this year, based on a list recommended by NerdWallet. The San Francisco-based personal finance company said that Taiwan topped the list of 16 nations it chose for budget travelers because US tourists do not need visas and travelers can easily have a good meal for less than US$10. A bus ride in Taipei costs just under US$0.50, while subway rides start at US$0.60, the firm said, adding that public transportation in Taiwan is easy to navigate. The firm also called Taiwan a “food lover’s paradise,” citing inexpensive breakfast stalls
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
CROSS-STRAIT: The vast majority of Taiwanese support maintaining the ‘status quo,’ while concern is rising about Beijing’s influence operations More than eight out of 10 Taiwanese reject Beijing’s “one country, two systems” framework for cross-strait relations, according to a survey released by the Mainland Affairs Council (MAC) on Thursday. The MAC’s latest quarterly survey found that 84.4 percent of respondents opposed Beijing’s “one country, two systems” formula for handling cross-strait relations — a figure consistent with past polling. Over the past three years, opposition to the framework has remained high, ranging from a low of 83.6 percent in April 2023 to a peak of 89.6 percent in April last year. In the most recent poll, 82.5 percent also rejected China’s
PLUGGING HOLES: The amendments would bring the legislation in line with systems found in other countries such as Japan and the US, Legislator Chen Kuan-ting said Democratic Progressive Party (DPP) Legislator Chen Kuan-ting (陳冠廷) has proposed amending national security legislation amid a spate of espionage cases. Potential gaps in security vetting procedures for personnel with access to sensitive information prompted him to propose the amendments, which would introduce changes to Article 14 of the Classified National Security Information Protection Act (國家機密保護法), Chen said yesterday. The proposal, which aims to enhance interagency vetting procedures and reduce the risk of classified information leaks, would establish a comprehensive security clearance system in Taiwan, he said. The amendment would require character and loyalty checks for civil servants and intelligence personnel prior to