Taiwan: Exports accelerate in October
November 10, 2010
In October, exports increased 21.9% over the same month last year to reach USD 24.2 billion, which was above the 17.5% rise in September. The reading marked a rebound after two months of decelerating exports and beat market expectations of a 15.8% increase. The acceleration reflected a 24.7% year-on-year surge in exports of electronic products, which came in above the 19.6% expansion recorded in September. Moreover, exports of basic metals added 22.2% yoy (September: +21.5% yoy), while those of plastics and rubber expanded 28.9% yoy (September: +21.5% yoy). Imports also accelerated, albeit less markedly, from a 25.0% expansion in September to a 27.9% increase in October. As a result, the trade surplus rose from USD 1.8 billion in September to USD 3.0 billion. Despite the strong recovery observed throughout the year, exports remain below pre-crisis levels, as the moving 3-month sum fell to USD 70.6 billion in October, which is still below the peak of USD 72.4 billion reached in August 2008.