July exports hit record high
By ECCT staff writers
Taiwan’s total exports rose 34.7% year-on-year in July to reach US$37.95 billion, the highest ever figure for a single month, according to data released by the Ministry of Finance (MOF).
It was also the fifth straight month of double-digit increases, which brought Taiwan’s year-to-date exports for the first seven months of the year to US$244.87 billion, up 31.5% from the same period in 2020.
According to the MOF, the high growth in part reflected a low base of comparison from the same period last year, when the Covid-19 pandemic was affecting global trade. In addition to rising global demand for electronic products due to Covid-19 restrictions and the stay-at-home economy, higher commodity prices have pushed sales prices higher.
Taiwan’s imports also rose by 45.8% to US$32.053 billion in July and by 30.4% to US$207.136 billion for the first seven months of the year.