Taiwan: Exports contract in October, trade balance improves
November 7, 2013
In October, exports contracted 1.5% over the same month last year, which represented a significant improvement over the sharp 7.0% contraction tallied in September. The print exceeded the 1.0% contraction the markets had expected. As the Ministry of Finance reported, the drop was mainly driven by a decline in exports of agricultural products.
On the other hand, imports contracted 2.8% in October, following the 0.7% drop registered in September. The reading marked a three-month low and contrasted market expectations of a 0.2% increase.
The trade balance recorded a USD 3.5 billion surplus in October. The print was slightly above the USD 3.3 billion surplus registered in the same month last year and exceeded market expectations of a USD 3.2 billion surplus.
FocusEconomics Consensus Forecast panelists expect exports to grow 3.1% in 2013 and 6.2% in 2014.