Taiwan: Merchandise exports gain steam in June
Merchandise exports jumped 15.2% over the same month last year in June, on the heels of May’s 12.5% upturn. The yoy increase was driven by increases in electronics, base metals, machinery, and IT exports. Meanwhile, merchandise imports jumped 19.2% over the same month last year in June (May: +26.7% yoy), marking the weakest reading since February 2021. The yoy increase was driven chiefly by higher commodity imports amid elevated prices.
As a result, the merchandise trade balance improved from the previous month, recording a USD 4.6 billion surplus in June (May 2022: USD 2.4 billion surplus; June 2021: USD 5.1 billion surplus). Lastly, the trend deteriorated, with the 12-month trailing merchandise trade balance recording a USD 61.2 billion surplus in June, compared to the USD 61.7 billion surplus in May. Export orders—which typically lead actual exports by two to three months—edged up 6.0% in May, the latest month for which data is available.