Exports rose 14 percent from a year earlier to US$25.7 billion last month, posting their fastest growth in 47 months, on the back of demand for electronic components used in smartphones and other technology devices ahead of the Lunar New Year holiday, the Ministry of Finance said yesterday.
The uptrend reflected a continued and stable improvement in the global economy that could gain momentum this year, it said.
“Almost all product categories grew by double-digit percentage points last month due to strong demand from all trading partners, indicating that the recovery was broad-based and solid,” Department of Statistics Director-General Beatrice Tsai (蔡美娜) said.
Imports likewise advanced 13.2 percent to US$20.83 billion last month, as local firms purchased new capital equipment to meet demand and consumers bought more luxury items, the ministry’s report said.
The resultant trade surplus reached US$4.86 billion, up 17.3 percent from the previous year.
Altogether, outbound shipments stood at US$77.78 billion last quarter and US$280.4 billion last year, with both beating the estimates made by the Directorate-General of Budget, Accounting and Statistics (DGBAS) in November, giving room for an upward revision of the GDP growth forecast.
Inbound shipments gained 2.8 percent last year, bucking the agency’s forecast of a 3.59 percent drop, as demand for semiconductor equipment proved stronger than expected, Tsai said.
Taiwan Semiconductor Manufacturing Co (台積電), the world’s largest contract chipmaker, had boosted new equipment purchases to maintain its technology leadership.
While smartphones and laptops remained the main growth drivers, devices used in connected vehicle, smart living and Internet of Things applications increasingly gained in importance, Tsai said.
Regional trade intensified, with shipments to China and ASEAN markets growing 21.4 percent and 22.9 percent respectively, the report said, adding that exports to the US and Europe rose a parlous 2 percent and 0.1 percent.
China accounted for 42.7 percent of Taiwanese exports last month, higher than the average of 40 percent last year, and contrary to the government’s aim of reducing economic dependence on China, the report showed.
Shipments to ASEAN held steady at 18 percent, it showed.
The ministry expects the pace of increase to slow this month, as the Lunar New Year holiday would shorten the number of working days compared with last year.
“The statistical disruptions should not be a cause for worry as the macroeconomic picture looks bright,” Tsai said.
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