The Ministry of Finance, yesterday, said that there was a 4 percent increase in the exports to US$29.5 billion from last year, happening for the second month straight. The growth was due to the increase in the electronics shipment ahead of the Lunar New Year holidays.
The latest data shows that the technology products are perhaps on their recovery as the trade dispute between the US and China are on their way to be solved, as there was a 3.3 percent increase in November last year.
Following November last year’s 3.3 percent year-on-year increase, the latest data suggest a recovery for technology products as the US and China move to solve their trade dispute, the ministry said.
Beatrice Tsai, the Director-General of Department of Statistics, in a media briefing in Taipei, said that thanks to the increasing demand from China, Japan, and the US, the export in the electronics grew to 11.9 percent from last year which is the central product in the Taiwanese exports.
Tsai said that there an increase in the shipments of Semiconductors by 14.2 percent to US$9.4 billion after the Chinese technology brands deployed 5G.
She said that while it’s premature to hope for a complete turnaround but the slowdown of the prolonged retreat in the exports of non-tech products is hopeful.
Tsai said that there was seen a single-digit decline in the export of plastic, base metals, and mineral products.
The ministry reported an increase of 13.9 percent to US$26.99 billion was seen in the import rate from last year which was perceived as a positive message.
Tsai said that the need for imports is usually risen due to technology upgrades and capacity expansion, and thus the strong import range is encouraging.
A decline of 46.4 percent was observed in the trade of Taiwan as it was left with a surplus of only US$2.5 billion, relative to the last year, figures from the last month showed.
The ministry said that exports saw a growth rate of 1.9 percent, to US$87.06 billion, in the fourth quarter, while a growth of 4.9 percent to US$76.34 billion, was observed in the imports.