Taiwan's exports hit a new record high in November on the back of solid global demand for tech gadgets and rising raw material prices, up more than 30 percent from a year earlier and the 17th consecutive month of year-over-year growth, the Ministry of Finance (MOF) announced Tuesday
Data compiled by the MOF tallied the country's exports for November at US$41.58 billion, up 30.2 percent from a year earlier, which follows on from October's 24.6 percent.
In November, Taiwan's imports rose 33.8 percent from a year earlier to US$35.86 billion with a trade surplus of US$5.71 billion, up US$570 million from a year earlier.
In the first 11 months of this year, the country's exports hit US$405.75 billion, up 30 percent from a year earlier. Imports reached US$346.23 billion, up 33.8 percent from a year earlier, with a trade surplus rise of US$6.25 billion to total US$59.52 billion, the MOF said.
In November, electronics component makers exported US$15.93 billion worth of goods, accounting for 38.3 percent of Taiwan's total outbound sales and up 26.6 percent from a year earlier, with sales in integrated circuit items soaring 26.7 percent year-over-year to US$14.42 billion.
Outbound sales in information and communications, and audio-visual devices rose 19.5 percent from a year earlier to US$5.69 billion in November on the back of solid demand for computers and computer peripherals, data storage, and routers.
Among the old economy industries, base metal suppliers saw their exports rise 67.7 percent from a year earlier to US$3.83 billion for November in the wake of robust sales in steel and related items, while rubber and plastics item suppliers generated US$2.73 billion in outbound sales, up 33.4 percent from a year earlier, the MOF said.
The MOF said outbound sales posted by machinery and chemical exporters also moved up by 29.9 percent and 39.6 percent, respectively, from a year earlier to US$2.55 billion and US$2.16 billion in November.
The MOF said China and Hong Kong remained the largest buyers of Taiwan products in November, accounting for 41.2 percent of all exports with purchases of US$17.14 billion in goods, up 18.9 percent from a year earlier.
The U.S. came in second with purchases of US$6.64 billion in goods from Taiwan for November, a 16.0 percent share and up 39.2 percent from a year earlier.
The next biggest markets were the countries of the Association of Southeast Asian Nations, or ASEAN, at US$6.33 billion for a 31.2 percent year-over-year increase; Europe at US$3.69 billion and up 56.0 percent; and Japan at US$2.57 billion, up 29.1 percent.
Looking ahead, Taiwan is expected to continue to benefit from strong global demand in the wake of a year-end buying spree as well as growing vaccination rates, which has been paving the way for a global economic recovery, the MOF said.
The MOF said as many countries have launched infrastructure projects to stimulate their economies, a positive sign for demand growth.
Under such favorable circumstances, the MOF said, Taiwan is forecast to report a 21-25 percent year-over-year increase in exports for December, while the growth for the entire 2021 could come close to 30 percent.
Source: Focus Taiwan News Channel