Jun 07, 2017 Athletic Comments Off on Taiwan exports grow for 8th straight month in May (update)
Taipei--Taiwan's exports rose for an eighth consecutive month in May because of solid demand for electronic components such as semiconductors and flat panels, the Ministry of Finance (MOF) said Wednesday.
Strong demand for machinery also contributed to export growth during the month, the MOF said.
Taiwan's exports grew 8.4 percent in May from a year earlier to US$25.52 billion, according to MOF figures, but the growth rate was slightly lower than the 9.4 percent year-on-year increase seen in April.
The lower growth rate was attributed to a higher base of comparison in May and the reduced number of work days because the Dragon Boat Festival holiday fell in May this year as opposed to June last year, the MOF said.
The ministry said imports in May rose 10.2 percent from a year earlier to US$22.07 billion, leaving a trade surplus of US$3.46 billion for the month, down US$60 million from a year earlier.
The ministry added that Taiwan's May imports grew from a year earlier for the ninth consecutive month.
In the first five months of this year, Taiwan's exports rose 12.5 percent from a year earlier to US$121.93 billion and imports grew 19.4 percent to US$104.9 billion, with a trade surplus of US$17.03 billion, down US$3.52 billion year-on-year.
In May, Taiwan's outbound sales in electronic components, which accounted for more than 30 percent of the country's total exports, rose 7.5 percent from a year earlier to US$7.77 billion, with sales in semiconductors up 11 percent year-on-year at US$6.64 billion, the MOF said.
Exports of information/communication and audio/video devices for May rose 6.1 percent year-on-year to US$2.68 billion, while base metal exports soared 22.9 percent to US$2.58 billion on the back of strong demand for stainless steel products, the ministry said.
Outbound sales in machinery grew 19 percent from a year earlier to US$2.18 billion in May, while exports of rubber/plastic products rose 16.2 percent from a year earlier to US$1.96 billion, the ministry added.
China and Hong Kong remained the largest buyer of Taiwanese products in May with sales up 6.4 percent from a year earlier to US$9.94 billion, which made up almost 40 percent of the country's total exports.
The Association of Southeast Asian Nations came in second, buying US$4.58 billion-worth of goods from Taiwan in May, up 7 percent from a year earlier and accounting for 18.9 percent of Taiwan's total exports, the MOF said.
Exports to the United States stood at NT$3.20 billion in May, up 12.9 percent from a year earlier, while exports to Europe and Japan totaled US$2.60 billion and US$1.61 billion, respectively, up 13.0 percent and 3.8 percent from a year earlier, the MOF added.
Tsai Mei-na (???), director of the ministry's department of statistics, said that due to a relatively high comparison base in the second half of last year, export growth in the coming months could be more moderate than the first half.
According to an estimate by the Directorate General of Budget, Accounting and Statistics, Taiwan's exports for the second half of this year are expected to grow 5.2 percent year-on-year.
Source: Focus Taiwan News Channel
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