Taiwan Trade Balance May 2021


Taiwan: Merchandise exports continue to soar in May

June 8, 2021

Merchandise exports shot up 38.6% annually in May (April: +38.7% year-on-year), supported once again by a surging electronics sector. Meanwhile, merchandise imports climbed 40.9% over the same month last year in May (April: +26.4% yoy), marking the best result since February 2020 and notwithstanding the spike in domestic Covid-19 cases in the month.

As a result, the merchandise trade balance was stable from the previous month, recording a USD 6.2 billion surplus in May (April 2021: USD 6.2 billion surplus; May 2020: USD 4.8 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 69.3 billion surplus in May, compared to the USD 67.9 billion surplus in April. Export orders—which typically lead actual exports by two to three months—jumped 42.6% in April, the latest month for which data is available, suggesting strong trade momentum going forward.

FocusEconomics panelists forecast that exports will expand 14.3% in 2021 and imports will rise 14.9%, bringing the trade surplus to USD 66.1 billion. In 2022, our panel expects exports to grow 4.1% and imports to increase 5.9%, with a trade surplus of USD 62.7 billion.


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Taiwan Trade Balance Chart

Taiwan Trade12m May 2021 0

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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