The nation’s exports last month expanded 21.3 percent year-on-year to a record high of US$43.5 billion, driven by solid demand for most product categories, especially electronic components, the Ministry of Finance said yesterday.
Demand from inventory building remained strong amid a global economic recovery that should keep the uptrend alive this quarter, Department of Statistics Director-General Beatrice Tsai (蔡美娜) said.
“The global economy stayed on a stable course of recovery in March, benefiting inventory building for electronics used in new technology applications,” Tsai said.
Photo: CNA
Tsai forecast an increase of 13 to 17 percent for this month, despite fewer working days.
The pace of the increase would depend on whether suppliers of electronic components could post continued growth, Tsai said.
Global clients seeking to strengthen supply chain security also boosted exports, she said.
Shipments of electronic components spiked 35.6 percent to US$18.24 billion, while those of semiconductors rose 38.2 percent to US$16.79 billion, the ministry’s monthly report showed.
Exports of information and communications technology products grew 15.3 percent to US$5.68 billion, meaning that the two categories accounted for more than 50 percent of overall exports, it said.
“Exports to the US, China, Japan and ASEAN markets all rose to record highs,” Tsai said.
However, not all electronic devices saw healthy growth. Shipments of optical products, mainly flat panels and camera lenses, shrank 19.8 percent to US$949 million, the report said.
Demand for displays for laptops, TVs and smartphones reportedly took a hit from China’s economic slowdown, international research bodies said.
Exports of camera lenses would slacken further this month as different markets are digesting the impact of Russia’s invasion of Ukraine.
Exports to Russia plunged 55.3 percent year-on-year, while those to Ukraine fell 95.7 percent, the ministry said.
Major tech firms have suspended their business with Russia to support global sanctions. Taiwan has small trade ties with both nations.
Imports increased 20.3 percent to US$38.85 billion, giving the nation a trade surplus of US$4.66 billion, the ministry said.
Some non-tech sectors gained from the conflict.
Shipments of minerals and base metals jumped 46.6 percent and 23.1 percent to US$1.15 billion and US$3.42 billion respectively, the ministry said.
However, exports of plastic products dipped 0.7 percent to US$2.57 billion, as demand slackened.
In the first quarter of the year, exports rose 23.5 percent to US$120.93 billion, while imports grew 25.8 percent to US$105.46 billion, both better than the government’s forecast.
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