Taiwan’s exports surged 12.5 percent year on year to US$27.11 billion in July on the strength of robust global demand for machinery and semiconductors, as well as recovering prices of basic metals and oils, according to the Ministry of Finance Aug. 7.
All nine major export items reported gains. Machinery was the top performer—up 25.2 percent to US$2.26 billion for the second highest result on record—followed by transportation equipment at 25.1 percent and basic metals and related products at 20.5 percent.
Shipments to the U.S. recorded the biggest rise, up 18.7 percent—the best figure in nearly six years—followed by Taiwan’s six major trading partners in the Association of Southeast Asian Nations, 16.5 percent; mainland China and Hong Kong, 11.7 percent; Europe, 9.4 percent; and Japan, 5.7 percent to an all-time high of US$1.94 billion.
Tsai Mei-na, director-general of the MOF’s Department of Statistics, said July’s strong showing marks the 10th consecutive month of growth for Taiwan’s exports and is the highest value since December 2014. “These numbers greatly exceed our expectations given the relatively strong comparison base from last year.”
Taiwan’s imports also continued to pick up steam in July, increasing 6.5 percent to US$21.74 billion, with net trade surplus soaring 45.9 percent to US$5.37 billion.
For the first seven months of the year, exports rose 12.5 percent to US$174.84 billion while imports climbed 14.9 percent to US$146.64 billion.
Tsai said she is bullish on Taiwan’s export outlook for the remainder of the year. This is based in part on a growth forecast for the global economy and trade of 3.5 percent and 4 percent, respectively, released by the International Monetary Fund in July.
The continuous introduction of new mobile devices by electronics firms worldwide, as well as additional business opportunities stemming from artificial intelligence, automobile electronics, high-speed computing and the Internet of Things, will also fuel Taiwan’s exports in the months ahead, she added. (SFC-E)
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