Taiwan: Exports drop in April
May 7, 2013
In April, exports contracted 1.9% over the same month last year, which contrasted the 3.3% increase seen in March and market expectations of a 3.1% rise. A decline in exports of basic metals as well as of plastics and rubber were the main drivers behind the monthly drop. Accordingly, the 12-month sum of exports up to April fell 0.4%, following a 0.8% decrease recorded in the same period ending in March.
Meanwhile, imports fell 8.2% in April, contrasting the 0.2% rise seen in March. The result prompted the moving 12-month sum of imports to fall 2.3% (March: -1.4% year-on-year).
Finally, the trade balance recorded a USD 2.3 billion surplus in April, surprising the market on the upside, as analysts expected a USD 1.6 billion surplus. As a result, in the 12 months up to April, the trade surplus rose to USD 31.1 billion from USD 29.6 billion in the previous period.
FocusEconomics Consensus Forecast panellists expect exports to grow 5.7% in 2013 and 8.6% in 2014.