Taiwan: Merchandise exports increase at a faster pace in March
Merchandise exports jumped 18.9% on an annual basis in March (February: +1.3% year-on-year), well above government and market forecasts. March’s outturn marked the strongest increase since March 2022, and was driven almost entirely by a more than doubling of IT exports, likely linked to the rising use of artificial intelligence applications around the world. Meanwhile, merchandise imports increased 7.1% on an annual basis in March (February: -17.8% yoy).
As a result, the merchandise trade balance improved from the previous month, recording a USD 8.7 billion surplus in March (February 2024: USD 7.9 billion surplus; March 2023: USD 4.2 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 91.0 billion surplus in March, compared to the USD 86.5 billion surplus in February.