The yen's strong resurgence against the dollar and Japan's recent robust economic performance are expected to result in growth for Taiwan's exports to Japan, government economic officials said yesterday.
Officials with the Board of Foreign Trade (BOFT) under the Ministry of Economic Affairs said that the total value of Taiwan's exports to Japan has registered growth of nearly 20 percent since the beginning of this year.
However, exports from South Korea, Singapore and mainland China to Japan have also shown sizable increases. The competition has thus become extremely harsh, the BOFT officials said.
It is widely believed that Japan's economic situation has bottomed out and is rebounding. According to an estimate by the Wharton Econometric Forecasting Association, Japan is expected to register 0.8 percent economic growth in 1999, thanks to the economic rehabilitation policy implemented by the Japanese government.
A comparison among the values of Asian countries' exports to Japan, based on the year's first seven months, showed that South Korea ranked at the top with export growth of 17.48 percent, followed by Taiwan with 17.38 percent.
Singapore ranked third with growth of 12.29 percent, while mainland China registered an increase of 8.19 percent.
The officials further stated that export of machine goods and electrical equipment, which are staples among Taiwan exports to Japan, registered growth of 50 percent and 20 percent, respectively, in the first seven months of the year.
Meanwhile, Japan's demand for personal computers is expected to increase by 8 percent for 1999, driven by the Y2K crisis, thus resulting in growth for exports in the telecommunications sector, economic officials said.
The officials also noted that machinery, electrical and electronic products, as well as plastic and fishing goods made in mainland China, have outperformed those made in Taiwan in the Japanese market to date.
In addition, machine equipment made in South Korea also competes with similar products made in Taiwan.
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