Taiwan's exports jumped 11.4 percent in August from a year earlier, fueled by growing demand from Asian trading partners and strong sales of electronics and telecommunications equipment.
Exports rose for a fifth consecutive month, totaling US$10.72 billion in August, the Ministry of Finance said. That's slower than the 11.8 percent surge in July.
Imports climbed 19 percent in August on year to US$9.89 billion. That produced a merchandise trade surplus of US$836 million, compared with $490 million in July and US$1.32 billion in August, 1998.
The August export tally represents a 7.3 percent rise from July and was in line with the expectations of economists, as Taiwan companies often see a rise in exports in the latter part of the year because of year-end holiday demand. Imports rose 4 percent from the previous month.
The increase is also in line with the government's forecast of a 9.1 percent annual rise in exports during the second half of this year. That forecasts underpins its projection of 5.7 percent economic growth for the island in 1999.
"The trend should be continuing upward this year," said Karen Lin, a fund manager at Core Pacific Securities Investment Trust Co, who expects even larger numbers in coming months.
On a cumulative basis, exports in the eight months through August rose 7.0 percent from a year earlier to US$78.10 billion.
Imports are up 1.6 percent to US$70.57 billion, while the cumulative merchandise trade surplus is at US$7.53 billion, nearly double that of the same period last year.
Demand surged in August from Asian trading partners, who buy nearly 55 percent of Taiwan's exports. Exports to Japan rose 32 percent on year, while those to South Korea jumped 87 percent and exports to Singapore climbed 30 percent.
Export growth to Hong Kong, however, which include many indirect exports to China, slowed to a 7.2 percent rise in August, compared with a 14 percent gain in July and June's 4 percent drop.
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