Taiwan's trade performance holding up
By ECCT staff writers
Taiwan’s exports in July expanded 0.4% year-on-year to US$28.20 billion while imports fell 6.8% from a year earlier to US$22.83 billion, according to a News Release from the Ministry of Finance. For the year to date (from January to July), total exports rose 0.5% and imports fell 1.3%.
However, the picture is mixed, both according to industry sector and geographical destination, according to the MOF. From January to July, compared with the same period in 2019, exports of parts of electronic products, information, communication and audio-video products grew by 19.4% and 11.6%. However, exports of base metals and articles of base metal, machinery, plastics & rubber and articles thereof declined 13.6%, 11.9% and 14.4%, respectively.
Based on geographical destination, total exports to Mainland China and Hong Kong, Japan and the United States rose 10.2%, 2.5% and 5% in the first seven months of the year, according to the News Release. However, exports to Europe and ASEAN countries declined by 10.5% and 5.4%, respectively.
Taiwan’s overall export performance has been boosted by demand for ICT products, such as computers, other digital devices and servers that have become essential for remote working during the coronavirus pandemic. For example, Taiwan’s largest contract computer manufacturer, Quanta, has been a major beneficiary of this trend. Quanta reported a 99% increase in its shipments of notebook (laptop) computers in the second quarter of 2020, thereby boosting its net profit for the quarter by 57% from the same quarter a year ago.