Taiwan: Exports increase faster than expected in November
December 7, 2010
In November, exports increased 21.8% over the same month last year to reach USD 24.4 billion. The increase was virtually unchanged from the 21.9% rise in October, but overshot market expectations of an 18.9% expansion. The reading reflected a 16.4% year-on-year expansion in exports of electronic products, which came in below the 24.7% expansion recorded in November. Exports of basic metals grew 25.9% yoy (October: +22.2% yoy), while plastics and rubber exports expanded 32.1% yoy (October: +28.9% yoy). Meanwhile, imports accelerated from a 27.9% expansion in October to a 33.8% increase in November. As a result, the trade surplus narrowed from USD 3.0 billion in October to USD 0.4 billion. Despite the strong recovery observed throughout the year, exports remain below pre-crisis levels, as the moving 3-month sum fell to USD 70.9 billion in November, which is below the peak of USD 72.4 billion reached in August 2008 but well above the USD 38.6 billion trough recorded in February 2009.