Taiwan: Exports decline in December
January 6, 2014
In December, exports contracted 1.9% over the same month of the previous year, which represented a deterioration over the flat reading tallied in November. The print contrasted the 0.5% expansion that markets had expected. As the Ministry of Finance reported, the reading reflected that the decline in exports of electronic and mineral products more than offset the increases registered in exports for basic metals and articles, plastics and rubber, as well as for machineries.
On the other hand, imports expanded a strong 10.1% in December, which contrasted the 0.5% drop registered in November. The reading marked the highest level since January 2013 and was well above market expectations of a 2.2% increase.
The trade balance recorded a USD 1.4 billion surplus in December. The print was clearly below the USD 4.1 billion surplus registered in the same month of the previous year and fell short of market expectations of a USD 3.6 billion surplus. In the twelve months up to December, the trade balance surplus amounted to USD 33.1 billion (November: USD 35.8 billion).
FocusEconomics Consensus Forecast panelists expect exports to grow 1.8% in 2014 and 5.7% in 2015.