Cityscape at night in Taiwan

Taiwan Trade May 2023

Taiwan: Merchandise exports slide in May

Merchandise exports dived 14.1% in annual terms in May, on the heels of April’s 13.3% fall. Exports of electronics, metal, machinery and plastics all saw sharp contractions, with trade to China and ASEAN weakening the most. Meanwhile, merchandise imports slid 21.7% over the same month last year in May (April: -20.2% yoy), marking the weakest reading since September 2015. Lower international commodity prices compared to last year, together with lower demand for inputs from the semiconductor industry, explain the decline.

As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 4.9 billion surplus in May (April 2023: USD 6.7 billion surplus; May 2022: USD 2.1 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 49.6 billion surplus in May, compared to the USD 46.8 billion surplus in April.

Looking ahead, the finance ministry reportedly expects a further double-digit decline in exports in June. The Consensus among our analysts is that exports will only return to growth in Q4, aided by a pick-up in demand and a more favorable base of comparison.

Free sample report

Access essential information in the shortest time possible. FocusEconomics provide hundreds of consensus forecast reports from the most reputable economic research authorities in the world.
Close Left Media Arrows Left Media Circles Right Media Arrows Right Media Circles Arrow Quote Wave Address Email Telephone Man in front of screen with line chart Document with bar chart and magnifying glass Application window with bar chart Target with arrow Line Chart Stopwatch Globe with arrows Document with bar chart in front of screen Bar chart with magnifying glass and dollar sign Lightbulb Document with bookmark Laptop with download icon Calendar Icon Nav Menu Arrow Arrow Right Long Icon Arrow Right Icon Chevron Right Icon Chevron Left Icon Briefcase Icon Linkedin In Icon Full Linkedin Icon Filter Facebook Linkedin Twitter Pinterest