Foreign trade hits record high in March for Taiwan

2022/04/28

Taiwan’s exports surged 21.3 percent year on year to an all-time-high of US$43.5 billion in March, while imports gained 20.3 percent to US$38.85 billion, also the highest on record, according to the Ministry of Finance.
 
The strong showings were attributed by the MOF to a rebounding global economy and surging demand for integrated circuit chips driven by new technology applications, as well as rising prices for raw materials triggered by the changing geopolitical situation and easing of disruptions impacting global supply chains.
 
Among major export items, electronic components and parts registered a best-ever performance, soaring 35.6 percent from the same time last year to US$18.24 billion. They were followed by information and communication technology products at US$5.68 billion and basic metals at US$3.42 billion, up 15.3 percent and 23.1 percent, respectively.
 
On the imports front, agricultural and industrial raw materials rose 28.1 percent to US$28.47 billion, also a record high, with minerals and electronic components and parts accounting for 83 percent of the total gain.
 
China, including Hong Kong, remains Taiwan’s top export destination at 41.4 percent followed by the U.S., 16 percent; the Association of Southeast Asian Nations member states, 15.7 percent; Europe, 8.1 percent; and Japan, 6.8 percent. All outgoing shipments were at their highest levels except those for Europe.
 
The MOF, bullish on Taiwan’s export outlook for the second quarter, cautioned that uncertainties may dampen growth momentum in the latter half of the year. These include the escalating pandemic situation in China, rising inflation worldwide and Russia’s invasion of Ukraine.


Source: Taiwan Today (https://taiwantoday.tw/index.php)