Taiwan Trade Balance September 2021


Taiwan: Merchandise exports increase in September

October 8, 2021

Merchandise exports shot up 29.2% year-on-year in September, on the heels of August’s 26.9% upturn and spurred by ongoing strong electronics exports. Meanwhile, merchandise imports climbed 40.4% in annual terms in September (August: +46.2% yoy), amid markedly higher imports of commodities and electronics.

As a result, the merchandise trade balance improved from the previous month, recording a USD 6.4 billion surplus in September (August 2021: USD 3.5 billion surplus; September 2020: USD 7.1 billion surplus). Lastly, the trend pointed down, with the 12-month trailing merchandise trade balance recording a USD 65.9 billion surplus in September, compared to the USD 66.6 billion surplus in August. Export orders—which typically lead actual exports by two to three months—shot up 17.6% in August, the latest month for which data is available. While still robust, the reading was the weakest since last October, suggesting export momentum could ebb going forward. Nonetheless, the external sector should remain an important growth driver thanks to a strong semiconductor sector.

FocusEconomics panelists forecast that exports will expand 26.4% in 2021 and imports will rise 25.6%, bringing the trade surplus to USD 77.2 billion. In 2022, our panel expects exports to grow 6.0% and imports to increase 6.6%, with a trade surplus of USD 79.8 billion.


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Taiwan Trade Balance Chart

Taiwan Trade12m September 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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