Taiwan: Exports and imports soar in December
January 9, 2017
Taiwan’s trade surplus totaled USD 4.9 billion in December, according to data from the Ministry of Finance (MOF). The result was USD 600 million higher than in November and was well above the USD 4.1 billion surplus in December 2015. In 2016 as a whole, the trade surplus was USD 49.5 billion, which was larger than the USD 48.1 billion in full year 2015.
Exports soared 14.0% year-on-year, totaling USD 25.7 billion in December. The increase was faster than the already massive 12.1% expansion in November and was the fastest pace since January 2013. The MOF signaled that December’s expansion was driven by a rise in exports of electronics, base metals, plastics and machinery on a year-on-year basis. In 2016, exports totaled USD 280 billion (2015: USD: 285 billion).
Meanwhile, imports jumped 13.2% in December from the same month of the previous year, totaling USD 20.8 billion. The growth rate was substantially stronger than November’s 3.0% rise. December’s increase brought imports to a total of USD 231 billion in full year 2016 (2015: USD 237 billion).
Author: Ricardo Aceves, Senior Economist