Taiwan’s exports grow by 12% year on year in November

Taipei,  Taiwan’s exports amounted to US$31.99 billion in November, representing a decline of 0.8 percent from the previous month but growth of 12 percent from the same month of last year, according to data released by the Ministry of Finance (MOF) on Monday.

The November figure marks the second-highest single-month amount ever, which the MOF attributed to business opportunities from the working-from-home economy amid the resurgence of the COVID-19 pandemic globally thanks to emerging technologies that allow “zero-touch” trading.

In October Taiwan recorded US$32.23 billion in exports, the historic single-month high.

In addition, the arrival of the peak buying season among consumers in the United States and Europe helped boost the exports, particularly in the sectors that produce electronic parts and components and information and communications technology products, the ministry said.

The data also indicates that the accumulated exports in the first 11 months of the year reached US$312.29 billion, representing growth of 4.2 percent compared with the same period of last year.

The 11-month exports were the highest-ever for that period, said Beatrice Tsai (蔡美娜), head of the MOF’s Department of Statistics, who anticipated exports for the whole of 2020 will beat the historic high of 2018.

Tsai optimistically projected that exports will increase by 7 percent to 9 percent in December year on year, thanks to emerging technologies, consumption peaks both in the west and in the east, and advanced semiconductor output.

“Taiwan could embrace its most prosperous fourth quarter in history” this year, she said.

The MOF statistics show that imports amounted to US$26.72 billion in November, up 7.9 percent from the previous month and up 10 percent from the same month of last year.

Accumulated imports from January to November hit US$259.25 billion, a growth of 0.2 percent compared with the same period of last year, according to the statistics.

In November, Taiwan recorded a trade surplus of US$5.27 billion, an increase of US$1 billion from the previous year. Moreover, the January-November period saw a trade surplus of US$53.04 billion, up US$12.01 billion from the same period of last year, according to the data.

In terms of the nation’s main exports, electronic parts and components reached US$12.64 billion in November, accounting for 39.5 percent of the total and representing a 19.5 percent growth year on year, the MOF figures show.

Exports of information, communication and audio/video devices amounted to US$4.76 billion (14.9 percent of the total), up 18.5 percent from the same month of last year.

Exports of base metals, plastics, rubber and machinery grew by 3.7 percent, 11 percent and 6.6 percent, respectively, in November, compared with the same month of last year, according to the data.

 

Source: Focus Taiwan News Channel

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