Taiwan’s exports last month jumped 34.7 percent year-on-year to a record US$37.95 billion as global demand for tech and non-tech products remained solid, the Ministry of Finance said yesterday.
The momentum is expected to continue this month with an estimated gain of 20 to 25 percent, despite a high comparison base last year, Department of Statistics Director-General Beatrice Tsai (蔡美娜) told an online news conference in Taipei.
“We have observed a strong and broad-based pickup of tech and non-tech shipments for quite a while,” Tsai said.
Photo: Reuters
The embrace of digital transformation by global companies and organizations fueled insatiable demand for chips and other electronics, while a warming global economy powered demand for base metal, plastic, chemical and mineral products, Tsai said.
Next-generation smartphones and other consumer electronic gadgets would ramp up business at local component suppliers and push up their selling prices, she said.
Apple Inc is widely expected to release new iPhones and Apple watches next month to capitalize on the back-to-school and Christmas seasons, and rival brands are unlikely to sit on the sidelines.
That would continue to benefit the nation’s exports, although the pace of increase might slow a bit due to a high comparison base this month, Tsai said, adding that the trajectory would not veer off course despite lingering uncertainty.
The Delta variant of SARS-CoV-2 is spreading worldwide, but US and European authorities have said that they are not planning to consider lockdowns, because many people have been vaccinated.
Shipments to all major trading partners posted double-digit percentage growth, led by a 64 percent surge to Europe, the fastest increase in history, the ministry’s report said.
Exports of optical devices — mainly flat panels and phone camera lenses — lost some steam, but still rose 18.9 percent, although analysts have projected a slowdown.
The low comparison base last year enabled shipments of metal, plastic, chemical and mineral products to report improvements of 40 to 114 percent, while electronics commanded much higher absolute values, Tsai said.
Imports advanced 41 percent year-on-year to US$32.05 billion last month, giving Taiwan a trade surplus of US$5.9 billion for the month, the ministry said.
Imports of agricultural and industrial materials accounted for the majority at 69.8 percent, while local semiconductor firms aggressively acquired capital equipment to expand capacity and ease chip supply crunches, it said.
Imports of semiconductor capital equipment swelled 69 percent to US$2.71 billion, it said.
For the first seven months of the year, cumulative exports expanded 31.5 percent to US$58.72 billion, while imports grew 30.4 percent to US$20.71 billion, it said.
SECURITY: As China is ‘reshaping’ Hong Kong’s population, Taiwan must raise the eligibility threshold for applications from Hong Kongers, Chiu Chui-cheng said When Hong Kong and Macau citizens apply for residency in Taiwan, it would be under a new category that includes a “national security observation period,” Mainland Affairs Council (MAC) Minister Chiu Chui-cheng (邱垂正) said yesterday. President William Lai (賴清德) on March 13 announced 17 strategies to counter China’s aggression toward Taiwan, including incorporating national security considerations into the review process for residency applications from Hong Kong and Macau citizens. The situation in Hong Kong is constantly changing, Chiu said to media yesterday on the sidelines of the Taipei Technology Run hosted by the Taipei Neihu Technology Park Development Association. With
CARROT AND STICK: While unrelenting in its military threats, China attracted nearly 40,000 Taiwanese to over 400 business events last year Nearly 40,000 Taiwanese last year joined industry events in China, such as conferences and trade fairs, supported by the Chinese government, a study showed yesterday, as Beijing ramps up a charm offensive toward Taipei alongside military pressure. China has long taken a carrot-and-stick approach to Taiwan, threatening it with the prospect of military action while reaching out to those it believes are amenable to Beijing’s point of view. Taiwanese security officials are wary of what they see as Beijing’s influence campaigns to sway public opinion after Taipei and Beijing gradually resumed travel links halted by the COVID-19 pandemic, but the scale of
TRADE: A mandatory declaration of origin for manufactured goods bound for the US is to take effect on May 7 to block China from exploiting Taiwan’s trade channels All products manufactured in Taiwan and exported to the US must include a signed declaration of origin starting on May 7, the Bureau of Foreign Trade announced yesterday. US President Donald Trump on April 2 imposed a 32 percent tariff on imports from Taiwan, but one week later announced a 90-day pause on its implementation. However, a universal 10 percent tariff was immediately applied to most imports from around the world. On April 12, the Trump administration further exempted computers, smartphones and semiconductors from the new tariffs. In response, President William Lai’s (賴清德) administration has introduced a series of countermeasures to support affected
Pope Francis is be laid to rest on Saturday after lying in state for three days in St Peter’s Basilica, where the faithful are expected to flock to pay their respects to history’s first Latin American pontiff. The cardinals met yesterday in the Vatican’s synod hall to chart the next steps before a conclave begins to choose Francis’ successor, as condolences poured in from around the world. According to current norms, the conclave must begin between May 5 and 10. The cardinals set the funeral for Saturday at 10am in St Peter’s Square, to be celebrated by the dean of the College