The nation's economic prospects in the second half of the year will be better than the first half in view of the nation's sound economic structure, President Chen Shui-bian (
Chen made the remarks at the Presidential Office while receiving a group of representatives from companies that have received awards for excellence.
Noting that Taiwan, which depends on foreign trade, has enjoyed a high trade surplus in previous years, Chen said a slight decrease in the trade surplus in the first half of the year has attracted a great deal of attention.
He said the decrease in the trade surplus was not because of the decline in exports, but due to the increase in the value of imports as a result of high oil prices.
Stressing that the nation's economic structure is sound, Chen said the economy will grow moderately in the second half of the year, barring drastic changes in the international situation.
However, he said economic development and even national security will hinge on obtaining a secure and stable energy supply, as more than 95 percent of Taiwan's energy is imported.
Citing a report prepared by the US Department of Defense about China's military power, Chen said China's consumption of crude oil and natural gas only accounts for 26 percent of its total energy, with its imported oil accounting for only 40 percent of its oil consumption.
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