Exports last month expanded 23.4 percent year-on-year to US$40.72 billion, the second-highest rise on record, as demand for most product categories remained strong, despite escalating COVID-19 outbreaks in many parts of the world, the Ministry of Finance said yesterday.
Department of Statistics Director-General Beatrice Tsai (蔡美娜) attributed the strong showing to global economic recovery and digital transformation, which bolstered sales in many technology products categories.
Selling price increases also lent support to exports, with the key economic barometer continuing to expand for 18 straight months, and the total value exceeding US$40 billion for three months in a row, Tsai said.
Photo: CNA
“The uptrend will sustain this quarter in light of infrastructure spending increases by major economies, a good economic situation abroad and healthy capital equipment expenditure by local firms,” Tsai said.
Outbound shipments of electronics soared 27.5 percent to US$16.26 billion, driven by new technology applications, the ministry’s monthly report showed.
Exports of integrated circuits spiked 29.2 percent to US$14.8 billion, as Taiwanese chip manufacturers and designers command leadership positions on the world stage, the report said.
Exports of information and communication products advanced 22.4 percent to US$5.8 billion, it said.
However, exports retreated 2.1 percent from November last year, fueling concern over a seasonal slowdown, the report showed.
Analysts and investors are waiting for Taiwan Semiconductor Manufacturing Co (TSMC, 台積電), the sole chip supplier of Apple Inc’s iPhones, to shed light in its investors conference on Thursday next week.
Optical devices showed the only decline, with outbound shipments slipping 8.3 percent year-on-year due to seasonal price corrections for large flat panels used in TVs, Tsai said.
Overall, exports swelled 26 percent last quarter and 29.4 percent for the whole of last year, beating the government’s predicted increases of 24.3 percent and 28.88 percent respectively, suggesting that growth projections might need to be revised.
Meanwhile, imports last month spiked 28.1 percent year-on-year to US$34.95 billion, giving Taiwan a trade surplus of US$5.77 billion, which might lead to appreciation pressure for the New Taiwan dollar against the US dollar.
Imports of agricultural and industrial raw materials surged 39.3 percent to US$23.85 billion, the report said.
Imports of capital equipment rose 10.7 percent to US$6.61 billion, with semiconductor equipment accounting for nearly 50 percent, it said.
Imports last quarter and last year expanded 32.9 percent and 33.2 percent respectively, slightly missing the government’s estimated expansions of 33.5 percent and 33.37 percent, the report said, adding that the New Taiwan dollar helped lower import costs.
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