Taiwan’s October exports hit single-month high

Taipei,  Taiwan’s exports in October hit a single-month high of US$32.23 billion, thanks mainly to the launch of new iPhones by Apple Inc., increasing demand for online learning tools and work from home tech devices and peak season sales, the Ministry of Finance (MOF) said Monday.

The country’s exports for the month posed a higher-than-expected increase of 11.2 percent from a year earlier, marking the fourth consecutive monthly year-on-year increase, data compiled by the MOF showed.

On a month-to-month basis, October outbound sales also rose 4.9 percent, the data indicated.

In October, the MOF said, Taiwan’s imports, however, fell 1.0 percent from a year earlier to US$24.77 billion and the fall in imports boosted the trade surplus by US$3.51 billion from a year earlier to a single-month high of US$7.46 billion in October.

In the first 10 months of this year, Taiwan’s exports rose 3.4 percent from a year earlier to US$280.31 billion, but imports fell 0.8 percent year-on-year to US$232.53 billion, with a trade surplus of US$47.78 billion, up US$11.02 billion from a year earlier, according to the MOF figures.

In October, electronic component makers saw a 21.8 percent year-on-year increase in exports for a total of US$12.97 billion, which accounted up 40.2 percent of the total outbound sales, with exports by semiconductor suppliers up 22.2 percent at US$11.70 billion, the MOF said.

Meanwhile, exports of information and audio/video devices for October hit a new high of US$4.64 billion, up 20.8 percent from a year earlier and accounting for 14.4 percent of the total exports in the month, according to the data.

Beatrice Tsai (蔡美娜), head of the MOF’s Department of Statistics, attributed the increase in exports by the high-tech industry in October to strong demand for devices used in working remotely and learning online, as both have become more necessary amid the COVID-19 pandemic, along with the launch of new iPhones, while the effects of peak season sales as the year-end approaches lifted outbound sales further.

However, the increase was slightly offset by fewer work days in the month, according to Tsai.

Looking ahead, the upward momentum in exports will continue through November, with an annual growth rate of 5-8 percent forecast, Tsai said.

 

Source: Focus Taiwan News Channel

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