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Taiwan Trade February 2024

Taiwan: Merchandise exports increase at a slower rate in February

Merchandise exports climbed 1.3% on an annual basis in February (January: +18.1% year-on-year). Exports were depressed by the Lunar New Year holidays, which led to a reduced number of working days compared to February 2023. Looking at subsectors, a doubling of IT exports drove the reading, with all other export subsectors registering double-digit contractions. Meanwhile, merchandise imports plunged 17.8% in annual terms in February (January: +19.0% yoy).

As a result, the merchandise trade balance improved from the previous month, recording a USD 7.9 billion surplus in February (January 2024: USD 2.5 billion surplus; February 2023: USD 2.4 billion surplus). Lastly, the trend pointed up, with the 12-month trailing merchandise trade balance recording a USD 86.6 billion surplus in February, compared to the USD 81.1 billion surplus in January.

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