Taiwan: Trade surplus narrows but exports increase faster than expected
April 7, 2014
In March, the trade balance recorded a USD 1.9 billion surplus. The reading was below the USD 3.2 billion surplus recorded in the same month last year and also came in below the USD 3.2 billion the market had expected.
March's trade figure was the result of slower growth in exports. Overseas sales totaled USD 27.8 billion in March, which marked a 2.0% expansion compared to the same month last year (February: +7.9% year-on-year). Nonetheless, the expansion overshot the 0.1% increase expected by the market. Meanwhile, imports totaled USD 25.8 billion in March, which represented a 7.5% annual increase (February: +4.9% yoy).
The government expects exports to increase 3.3% this year. FocusEconomics Consensus Forecast panelists expect exports to grow 4.2% in 2014 and 6.9% in 2015.
Author: Ricardo Aceves, Senior Economist