Taiwan: Exports rebound in May
June 7, 2013
In May, exports rose 0.9% over the same month last year, which contrasted the 1.9% contraction seen in April and overshot market expectations of a 0.8% rise. Increases in exports of plastics and rubber articles as well as in electronic products were the main drivers behind the monthly rise. Accordingly, the 12-month sum of exports up to April rose 0.3%, contrasting a 0.4% decrease recorded in the same period ending in April.
Meanwhile, imports fell 8.0% in May, which nevertheless represent an improvement over the 8.2% drop seen in April. The result prompted the moving 12-month sum of imports to fall 2.0% (April: -2.3% year-on-year).
Finally, the trade balance recorded a USD 4.5 billion surplus in May, largely overshooting market expectations of a USD 2.6 billion surplus. As a result, in the 12 months up to May, the trade surplus rose to USD 33.2 billion from USD 31.1 billion in the same period the previous month.
FocusEconomics Consensus Forecast panellists expect exports to grow 5.7% in 2013 and 8.6% in 2014.