Taiwan: Exports continue to pick up in June
July 8, 2013
In June, exports expanded 8.6% over the same month last year, which was well above the 0.9% rise seen in May and overshot market expectations of a 1.0% increase. The improvement mainly reflected increases in exports of electronic products, plastics and rubber, mineral products as well as optical and photographic instruments. Accordingly, the moving 12-month sum of exports rose 1.2% in June (May: +0.3% year-on-year).
Meanwhile, imports added 6.8% in June, which contrasted the 8.0% drop tallied in May. The result prompted the moving 12-month sum of imports to fall 0.7% over the previous year (May: -2.0% yoy).
Finally, the trade balance recorded a USD 3.3 billion surplus in June, broadly in line with market expectations of a USD 3.2 billion surplus. As a result, in the 12 months up to June, the trade surplus rose to USD 33.9 billion from USD 33.2 billion in the previous month.
FocusEconomics Consensus Forecast panellists expect exports to grow 4.3% in 2013 and 8.7% in 2014.