Taiwan exports up over 9% in June year-on-year

Taiwan's exports grew more than 9 percent from a year earlier in June on continuing growth and strong demand in the world economy, statistics released by the Ministry of Finance (MOF) showed July 9.

Taiwan's exports in June rose 9.4 percent from a year earlier to US$28.25 billion after a 14.2 percent year-on-year increase in May. The June figure was down 3.0 percent from a month earlier.

The MOF said Taiwan's export growth fell to single digits in June because the extended Dragon Boat Festival holiday fell in June this year instead of May last year, leading to fewer working days during the month.

Taiwan's imports in June totaled US$23.04 billion, up 15.4 percent from a year earlier, sending the monthly trade surplus down 11.0 percent to US$5.21 billion, the data showed.

In the first half of the year, Taiwan's exports rose 10.9 percent from a year earlier to US$163.83 billion, and imports grew 10.8 percent to US$139.28 billion. The resulting trade surplus was up 11.5 percent at US$25.54 billion, according to MOF data.

The MOF said Taiwan benefited from a spike in international crude oil prices and base metal prices in June, resulting in a double digit increase in chemical and base metal exports.

Chemical product exports totaled US$1.87 billion in June, up 26.9 percent from a year earlier, and rubber/plastics product exports rose 18.1 percent to US$2.19 billion. Base metal exports grew 23.4 percent from a year earlier to US$2.79 billion, the MOF said.

Local machinery makers benefited from growing global demand for smart production and saw exports rise 18.1 percent from a year earlier to US$2.39 billion, the MOF data showed.

Bucking the overall uptrend in exports, electronic component exports fell 1.7 percent from a year earlier to US$8.74 billion, with exports in semiconductors down 3.0 percent year-on-year, according to the MOF.

The MOF said the decline was caused by international buyers deferring some of their orders and not a cause for alarm.

In June, China and Hong Kong remained the largest buyer of Taiwan's goods. Exports to China (including Hong Kong) totaled US$11.49 billion, up 10.1 percent from a year earlier.

Southeast Asia came second after buying US$5.05 billion in goods from Taiwan in June, up 5.5 percent from a year earlier, the MOF said.

Taiwan's exports to the U.S. market rose 5.4 percent from a year earlier to US$3.29 billion, while exports to Europe and Japan rose 20.0 percent and 21.3 percent year-on-year to US$2.78 billion and US$2.09 billion, respectively.