Taiwan: Exports growth rebounds strongly in June
July 7, 2017
Taiwanese export-oriented industries benefited from increased sales overseas in June as economic dynamics in mainland China strengthened, fueling higher demand for Taiwanese goods. Exports rose 13.0% in annual terms in June, totaling USD 25.8 billion, according to data from the Ministry of Finance (MOF). The expansion came in above the 8.4% increase in the previous month and marked the highest rise in three months. Exports of electronic parts, the mainstay of Taiwanese shipments overseas, leaped in June after months of decelerating growth.
In line with the robust headline figure, the 12-month trailing sum of exports continued to trend higher as it reached a total of USD 297 billion in June, a figure that was 9.1% higher compared with the same period last year and a slight improvement from May’s USD 294 billion figure. June’s growth rate was the highest since January 2012.
Conversely, imports growth decelerated markedly from a 10.2% increase in May to a 3.7% expansion in June, totaling USD 20.0 billion. June’s expansion brought imports to a total of USD 248 billion over the previous 12 months, the same figure seen in May and a 10.8% increase year-on-year.
The pick-up in exports and the deceleration in imports growth prompted the trade surplus to total USD 5.8 billion in June, an improvement from May’s USD 3.5 billion surplus and the highest reading on record. In the 12 months up to June, the trade surplus totaled USD 48.5 billion, well above May’s USD 46.2 billion print and the best result since February.
Author: David Ampudia, Economist