The nation’s exports last month gained 14.8 percent year-on-year, as global technology brands built up inventory ahead of the Lunar New Year holiday, reaching a record high of US$29.51 billion and ramping up business for local suppliers of electronic parts and machinery tools, the Ministry of Finance said yesterday.
The growth momentum is most likely to be sustained this month due to a lower comparison base in January last year when working days were cut short by the Lunar New Year, Department of Statistics Director-General Beatrice Tsai (蔡美娜) said.
Outbound shipments not only broke the record, but rose to the highest level of the year, a rare sign that had much to do with the delayed launch of new iPhone models and a stronger global economy, Tsai said.
The peak used to fall in the month of October, Tsai said, adding that Taiwanese firms supply chips, camera lens, casings, batteries, touch panels and other critical components used in smartphones, laptops, connected vehicles, artificial intelligence and Internet of Things applications.
All product categories picked up except for exports of mineral goods, which contracted 3.5 percent due to weaker demand from South Korea and Hong Kong, Tsai said.
Exports of electronic parts and machinery tools soared 20.5 percent and 27.6 percent to US$10.35 billion and US$2.41 billion respectively, driven by demand for high-performance chips, turbo jet engines and metal-processing machines, the ministry’s report showed.
All trading partners increased purchases led by Europe, which bought 20.1 percent more from a year earlier, followed by China and Hong Kong at 16.8 percent and the US at 12.4 percent, it said.
Imports last month also made a double-digit advance of 12.2 percent to US$23.38 billion, as local firms acquired more agricultural raw materials and consumer products, Tsai said.
The latest figures gave Taiwan a trade surplus of US$6.13 billion even though local firms cut purchases of capital equipment by 4.6 percent, the report said, adding that the decline widened to 20 percent for semiconductor equipment imports, which used to be the main growth driver.
For the whole of last year, exports rose 13.2 percent to US$317.39 billion, the best showing in seven years and the second-highest on record, Tsai said.
Imports expanded 12.6 percent to 259.5 billion, also the fastest pace of increase in seven years, the report said.
Both exports and imports beat the forecast for last year made by the Directorate-General of Budget, Accounting and Statistics, but growth in exports and imports this year might slow to 4.51 percent and 5.47 percent respectively as the base climbs higher and demand for technology products moderates, the statistics agency said.
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