Thu, Jun 09, 2022 page12

• Exports increase 12.5 percent annually

  UPTURN: Although last month’s figure was the second-highest on record, exports would improve in the second half, the Department of Statistics director-general said

  • By Crystal Hsu / Staff reporter
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  Taiwan’s exports last month expanded 12.5 percent year-on-year to US$42.08 billion — the 23rd consecutive month of annual increases — as robust global demand for electronics offset negative effects related to China’s severe COVID-19 restrictions, the Ministry of Finance said yesterday.

  Last month’s figure was the second highest on record after March, when exports totaled US$43.50 billion, ministry data showed.

  Although the US and China’s economies have slowed a little, global growth continues, lending support to Taiwan’s exports, especially electronics used in digital transformation and new technology applications, Department of Statistics Director-General Beatrice Tsai (蔡美娜) said.

  

  A container truck is pictured at the Port of Kaohsiung on May 9.

  Photo: CNA

  “The trend will continue to drive the nation’s exports, which might increase by 11 to 15 percent to a range of US$40.7 to US$42.1 billion this month,” Tsai said.

  That would enable exports to grow 19 percent in the first half of this year, although domestic demand would take a hit from the COVID-19 outbreak.

  Exports would fare better in the second half of the year, averaging US$44.1 billion per month, in line with the peak season for technology products, Tsai said.

  Last month’s robust performance came even though shipments to China contracted 4 percent because Beijing’s lockdowns of major commercial and industrial cities choked the flow of goods, she said.

  Things would improve moving forward, as China has reopened the cities of Shanghai and Kunshan, home to major Taiwanese manufacturing facilities, Tsai said.

  The lockdowns had postponed, rather than eliminated, business orders, Tsai said, citing information from local firms.

  Shipments of electronics last month rose 25.9 percent to US$16.71 billion, with semiconductors increasing 28.3 percent to US$15.3 billion, the ministry’s monthly report showed.

  Shipments of optical products, mainly flat panels, tumbled 32.9 percent and might not recover until September, as demand from the remote working and learning slowed, Tsai said.

  By contrast, imports soared 26.7 percent to a record US$39.68 billion, propelled by agricultural and industrial material price hikes, and large imports of COVID-19 test kits, she said.

  Taiwan’s semiconductor firms also bought capital equipment from abroad to meet capacity expansion needs, Tsai added.

  Last month, Taiwan had a trade surplus of US$2.41 billion, a sharp decline of 60.5 percent from a year earlier, the ministry said.

  For the first five months of the year, exports grew 20.1 percent to US$204.48 billion, while imports advanced 26 percent to US$181.41 billion, it said.

  That resulted in a trade surplus over the five-month period of US$23.07 billion, down 12.1 percent from a year earlier.

  Exports to China, including Hong Kong, rose 0.8 percent to US$15.81 billion. China remained the largest buyer of Taiwanese goods, accounting for 37.6 percent of total exports.

  ASEAN countries bought US$7.34 billion of goods from Taiwan, up 24 percent from a year earlier and ahead of the US, which purchased US$6.28 billion of goods, up 15.5 percent from a year earlier.

  Exports to Europe rose 4.7 percent from a year earlier to US$3.60 billion, and exports to Japan increased 18.3 percent to US$2.85 billion.

  Additional reporting by CNA
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