Taiwan: Merchandise exports accelerate in March
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.”