Exports rebounded to a 10-month high of US$19.01 billion last month, or a smaller-than-expected, 24.6 percent decline from last year, as trade with all major partners except the US picked up.
“Exports gained US$1.73 billion, or 10 percent, in August [compared with July], mainly on a strong demand for flat panels and electronic products from China,” said Lin Lee-jen (林麗貞), head of the Ministry of Finance’s statistics department.
China, including Hong Kong, accounted for 43.6 percent of exports, the second-highest in history, as Beijing’s stimulus package continued to benefit high-tech makers here, Lin said.
Imports shrank 32.3 percent annually to US$17.04 billion last month, leaving a surplus of US$1.97 billion, the report showed.
“It is noteworthy that imports of capital equipment hit a 10-month high of US$2.3 billion last month, indicating expansion moves by some firms,” Lin said.
Lin said exports were likely to reach the US$20 billion level this month and reach positive territory in November.
Shipments fell 26.4 percent and 28.3 percent to US$2.9 billion and US$1.92 billion to ASEAN and European markets respectively, the report said. Exports to Japan and the US fell 22 percent and 34.4 percent to US$1.29 billion and US$1.9 billion respectively, the report said.
With the exception of the US market, the slump continued to narrow, Lin said.
Electronic product exports increased US$55 million from last month, followed by optical equipment and basic metal, which rose US$370 million and US$190 million respectively, the report said.
Kevin Hsiao (蕭正義), head of UBS Wealth Management Research in Taiwan, said the data would show bigger improvement this month and for the rest of this year, although at a slow pace.
“A significant improvement is unlikely in the short run as growing unemployment at home and abroad will curb demand,” he said by telephone. “However, the trend of recovery is getting clearer and more secure.”
Johnny Chen (陳擎宏), deputy manager of the economics and industry research department at First Commercial Bank (第一銀行), said demand from China would gain momentum, but could not replace the US or Europe in terms of consumer spending.
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