Taiwan Trade Balance March 2021


Taiwan: Merchandise exports accelerate in March

April 9, 2021

Merchandise exports shot up 27.1% in annual terms in March (February: +9.7% year-on-year) amid ongoing surging electronics exports. Meanwhile, merchandise imports jumped 27.0% on an annual basis in March (February: +5.7% yoy).

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 3.7 billion surplus in March (February 2021: USD 4.5 billion surplus; March 2020: USD 2.9 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 64.2 billion surplus in March, compared to the USD 63.4 billion surplus in February. Export orders—which typically lead actual exports by two to three months—rose 48.5% in February, the latest month for which data is available, suggesting strong trade momentum going forward.

On the reading, analysts at Oxford Economics commented:

“The strength in exports reflects broad-based demand for goods from Taiwan and a rebound in export prices. We remain positive on Taiwan’s export outlook, which will be supported by a global recovery and continuing growth in the electronics sector.”

FocusEconomics panelists forecast that exports will expand 5.6% in 2021 and imports will rise 5.4%, bringing the trade surplus to USD 63.1 billion. In 2022, our panel expects exports to grow 4.3% and imports to increase 6.1%, with a trade surplus of USD 60.4 billion.


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Taiwan Trade Balance Chart

Taiwan Trade12m March 2021

Note: 12-month sum of trade balance in USD billion and annual average variation of the 12-month sum of exports and imports.
Source: Ministry of Finance (MoF) and FocusEconomics calculations.

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