Taiwan: Exports rebound in March
April 8, 2013
In March, exports grew 3.3% over the same month last year, which contrasted the 15.8% contraction seen in February and came in above market expectations of a 2.3% rise. Higher exports of electronic, basic metals, mineral products as well as optical and photographic instruments were the main drivers behind the monthly increase. Despite the monthly expansion, the 12-month sum of exports up to March fell 0.8%, which followed the 1.4% decrease recorded in the same period ending in February.
Meanwhile, imports rose a mere 0.2% in March, following the 8.5% drop seen in February. The result prompted the moving 12-month sum of imports to fall 1.4% (February: -2.0% year-on-year).
Finally, the trade balance recorded a USD 3.2 billion surplus in March, surprising the market on the upside, as analysts expected a USD 2.1 billion surplus. As a result, in the 12 months up to March, the trade surplus rose to USD 29.6 from USD 28.8 billion in the previous period.
FocusEconomics Consensus Forecast panellists expect exports to grow 6.2% in 2013 and 9.0% in 2014.