Taiwan’s exports rose for the 19th consecutive month in January, up more than 16 percent from a year earlier, on the back of strong global demand for tech gadgets and raw material items amid an economic recovery, the Ministry of Finance (MOF) said Friday.
Data compiled by the MOF showed the country’s exports hit US$39.98 billion in January, up 16.7 percent from a year earlier. The latest trade data marked the 19th straight month of year-on-year growth, the second longest ever after a 26 month period following the global financial crisis of 2009, according to the ministry.
The January export figures came at the higher end of the MOF’s previous forecast which expected outbound sales to range from US$39.1 billion to US$40.1 billion, up 14-17 percent from a year earlier.
In January, Taiwan’s imports rose 24.9 percent from a year earlier to US$35.07 billion with a trade surplus of US$4.92 billion, down 20.6 percent from a year earlier, the data indicated.
In 2021, Taiwan’s exports smashed records by soaring 29.4 percent from a year earlier to US$446.45 billion.
Speaking with reporters, MOF statistics chief Beatrice Tsai (蔡美娜) said the strong export data for January allowed Taiwanese exporters to perform like a leaping tiger, a reference to 2022 being the Year of the Tiger in the Chinese calendar.
Taiwanese exporters received a significant boost from the global economic recovery, which paved the path for rising demand for raw materials. In addition, emerging technologies continued to help boost tech shipments from Taiwan, with the semiconductor industry the largest beneficiary, Tsai added.
The local electronic components industry posted US$15.91 billion in exports in January, accounting for 39.8 percent of total exports, and up 19.7 percent from a year earlier, The MOF said.
In the electronic components industry, semiconductor suppliers sold US$14.42 billion worth of goods overseas, up 20.9 percent from a year earlier, according to the MOF.
Information communications and audio/video suppliers generated US$5.24 billion in exports in January, up 14.3 percent from a year earlier, while optoelectronics makers saw their exports fall 21.1 percent from a year earlier to about US$1 billion, largely due to a fall in TV panel prices, the MOF said.
Faced with a global supply glut, TV panel suppliers are likely to see their pricing power eroded but the fall in prices could be moderating, Tsai said.
Exports by base metal, machinery, plastics/rubber and chemical suppliers rose 28.5 percent, 14.1 percent, 4.6 percent and 13.8 percent, respectively, from a year earlier to US$3.40 billion, US$2.54 billion, US$2.42 billion and US$2.08 billion in January, the MOF added.
China and Hong Kong continued to serve as the largest buyers of Taiwan’s goods in January after purchasing US$15.70 billion in merchandise from Taiwanese suppliers, up 5.7 percent from a year earlier and accounting for 39.3 percent of total exports, the MOF said.
The Association of Southeast Asian Nations (ASEAN) bloc came in second after buying a record US$6.79 billion in goods from Taiwan, up 22.7 percent, followed by the United States (US$6.27 billion, up 34.2 percent), Europe (US$3.52 billion, up 25.8 percent) and Japan (US$2.66 billion, up 14.6 percent).
Looking ahead, the electronics component industry is expected to continue to act as a driver to Taiwan’s exports growth in February as the industry has continued to expand production to meet strong demand. That could allow the industry to register a 34 month rising streak in exports in February, Tsai added.
The country’s exports could range from US$31.4 billion to US$32 billion in February, up 13-15 percent from a year earlier, marking the 20th straight month of year-on-year growth, Tsai said.
Double digit growth in exports is expected for the first quarter of this year, Tsai added.
Source: Focus Taiwan News Channel