Taiwan: Exports fall and trade surplus narrows in September
October 9, 2016
In September, the trade surplus totaled USD 4.4 billion, according to data from the Ministry of Finance. The result was smaller than the USD 4.9 billion surplus recorded in the same month last year. In the 12 months up to September, the trade surplus totaled USD 48.0 billion (August: USD 48.5 billion surplus).
Exports decreased 1.8% annually in September to total USD 22.6 billion. Taiwanese overseas sales, which had increased in the two previous months, contrasted the 3.2% rise the markets had expected. The Finance Ministry did not show any concern regarding September’s result and attributed it, in part, to Typhoon Megi, which caused businesses to shut down for several days. Moreover, a Finance Ministry official stated that despite the disruption caused by the typhoon, exports of electronic components had continued to increase. The government expects exports to accelerate in the final quarter of 2016.
Meanwhile, imports totaled USD 18.2 billion in September, a 0.7% increase over the same month last year (August: -0.8% year-on-year). This marks the first increase in nearly two years.
Author: Ricardo Aceves, Senior Economist