Taiwan’s exports grew 12.1 percent year on year to US$25.34 billion in November, the first double-digit growth since February 2013, on the strength of surging global demand for semiconductor products, according to the Ministry of Finance.
Data recently released by the MOF suggest the rising prices of basic metals, oils and other raw materials also contributed to the strong performance. Imports increased 3 percent year on year to US$21.07 billion during the month, while the trade surplus nearly doubled to US$4.27 billion.
Among Taiwan’s key export items, electronics components and parts led the pack in terms of overall growth with an increase of 26.9 percent, the biggest gain since August 2010, to their second highest level ever. Machinery came in second with an increase of 17.2 percent, while basic metals and optical devices, including display panels, were up 15.5 percent and 12.6 percent, respectively. Transportation equipment is the only sector that registered a decline, falling by 2.4 percent.
Exports to mainland China and Hong Kong, which comprised 42.3 percent of Taiwan’s total outgoing shipments, rose 19 percent, followed by a 13.5 percent increase in exports to the country’s six major trading partners in the Association of Southeast Asian Nations. Both increases were the largest in more than three years.
Shipments to the U.S. also chalked up an impressive gain of 9.1 percent, while exports to Europe and Japan rose slightly at 1.9 percent and 0.8 percent, respectively.
According to a statement released Dec. 7 by the Ministry of Economic Affairs, although accumulated exports declined 3.1 percent during the first 11 months of the year, an increase is expected ahead of the arrival of the holiday season in many major economies.
Looking ahead, both the MOF and MOEA are upbeat about Taiwan’s export outlook for 2017. Local semiconductor firms continue to maintain their competitive edge, according to the MOF, and their products are increasingly needed in cars, mobile devices and newly emerging Internet of Things technologies.
The consensus recently reached among member states of the Organization of the Petroleum Exporting Countries to reduce oil production for the first time in eight years will also help boost Taiwan’s petrochemical exports, the MOEA added. (SFC-E)
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