Taiwan: Merchandise exports rise at a softer pace in July
Merchandise exports rose 14.2% on an annual basis in July (June: +15.2% year-on-year) amid higher exports of electronics, machinery and mineral products. Meanwhile, merchandise imports climbed 19.4% in annual terms in July (June: +19.2% yoy) due in large part to higher fuel imports. Looking at key trading partners, exports to ASEAN and the U.S. rose by double digits, while those to China only increased 3.0%, likely a reflection of weak Chinese demand amid the country’s stop-start Covid-19 restrictions and property downturn.
As a result, the merchandise trade balance improved from the previous month, recording a USD 5.0 billion surplus in July (June 2022: USD 4.6 billion surplus; July 2021: USD 5.9 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 60.4 billion surplus in July, compared to the USD 61.2 billion surplus in June.