The nation’s exports soared 27.7 percent year-on-year to US$22.66 billion last month, the fastest rise in three years, as demand for all products registered strong growth in all overseas markets, the Ministry of Finance said yesterday.
The latest trade data, with imports spiking 42.1 percent to US$19.3 billion, lend support to growing optimism that economic growth this quarter could be stronger than the 2.45 percent increase the government statistics agency forecast last month.
“A 15 percent increase in exports appears achievable this quarter after advancing 16.2 percent in the first two months,” Department of Statistics Director-General Beatrice Tsai (蔡美娜) said.
With the exception of textiles, all shipment categories posted increases of between 20.4 percent and 51.8 percent, as the world emerged from a slowdown and a crude oil price slump, making firms more confident about restocking, Tsai said, adding that crude oil prices recovered from US$27 to US$55 a barrel over the past year.
Electronic component shipments continued to underpin the growth with a 32.7 percent contribution and a 29.7 percent gain from a year earlier, the ministry’s report showed.
Semiconductors, in particular, continued to be the catalyst, as international technology brands plan to redesign and upgrade their next-generation devices, Tsai said, alluding to Apple Inc’s iPhone 8.
Pegatron Corp (和碩), which assembles iPhones, said the US technology giant is contemplating a major redesign for the popular handheld device this year to mark its 10th anniversary.
Optical products reported a 51.8 percent jump in shipments with tight capacity for large flat panels expected to extend into next year, Tsai said.
Meanwhile, mineral, plastic and chemical product shipments rose by double-digit percentages now that the crude oil price is holding above US$50 a barrel, significantly spurring inventory building, Tsai said.
Governments in the US, China and Japan are strengthening infrastructure facilities to support their economies, sparking demand for steel and cement products, she said.
That explained why raw materials caught up with capital equipment as the main source of growth in imports, taking a 70.7 percent share, Tsai said.
Faster growth in imports saw the nation’s trade surplus contract by 19.4 percent to US$3.36 billion, as firms demonstrated more willingness to invest, which is good for the nation’s economic health, Tsai said.
The central bank has blamed excessive saving on the part of firms for the spikes in foreign-exchange reserves, which prompted the US to accuse the monetary policymaker of currency manipulation.
In the first two months, exports rose 16.2 percent to US$46.4 billion, while imports jumped 22.7 percent to 39.55 billion, the report said, confirming a solid recovery in global trade, Tsai said.
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