Taiwan: Exports pick up in May
June 8, 2011
In May, exports increased 9.5% over the same month last year to reach a record-high USD 27.9 billion. The increase overshot market expectations that exports would expand 7.4%, but was a sharp moderation compared to the 24.6% rise recorded in April. In part, the slowdown reflects an unfavorable base effect as exports had surged 57.5% in May 2010. The increase reflected a 14.6% expansion in chemicals as well as a 10.6% increase in basic metals. The government expects exports to remain strong on the back of resilient global demand for electronic products. Meanwhile, imports expanded 19.4% in May, slower than the 25.7% increase registered in April. These developments saw the trade surplus narrow from USD 3.0 billion in April to USD 1.3 billion.