Taiwan Trade Balance August 2020

Taiwan

Taiwan: Exports and imports surge in August, trade surplus increases to three year-high

September 7, 2020

Merchandise exports jumped 8.3% in annual terms in August, rising more significantly than July’s 0.4% increase and marking the highest reading in the six months. August’s increase largely reflected soaring exports of electronic goods and information, communication and audiovisual products, offsetting a fall in exports of base metals, machinery and plastics. Moreover, export orders—which typically lead actual exports by two to three months—surged 12.4% in July, the latest month for which data is available, following June’s 6.5% increase.

Meanwhile, merchandise imports climbed 8.5% in year-on-year terms in August, rebounding from July’s 6.8% drop. Higher imports of electronic goods; machinery; chemicals; and information, communication and audiovisual products drove the increase.

As a result, the trade surplus rose to USD 6.5 billion in August—the highest since September 2017—following July’s USD 5.4 billion reading, and rising from the USD 6.0 billion surplus recorded in August 2019. The 12-month trailing trade surplus increased to USD 47.0 billion in August, which marked the highest result in over a year, following July’s USD 46.6 billion reading.

FocusEconomics panelists forecast that exports will expand 3.3% in 2020 and imports will rise 5.5%, bringing the trade surplus to USD 48.5 billion. In 2021, our panel expects exports to expand 4.7% and imports to rise 6.2%, nudging the trade surplus down to USD 46.7 billion.


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Taiwan Trade12m August 20 20

Note: 12-month sum of trade balance in USD billion and annual average variation of the 12-month sum of exports and imports.
Source: Ministry of Finance (MoF) and FocusEconomics calculations.


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