Taiwan on Monday reported a year-on-year increase in exports for the 22nd consecutive month in April as global demand for semiconductors and tech devices remained robust, the Ministry of Finance (MOF) said Monday.
Taiwan’s exports rose 18.8 percent from a year earlier to US$41.46 billion in April, extending the growth streak to 22 months, the longest in Taiwan’s history, MOF data showed.
April’s exports were also the third highest ever, behind only the US$43.50 billion in exports in March and the US$41.57 billion in exports in November 2021, the MOF said.
Imports in April totaled US$36.55 billion, up 26.7 percent from a year earlier, resulting in a trade surplus for the month of US$4.91 billion, down 19.0 percent year-on-year, the MOF said.
In the first four months of 2022, Taiwan’s exports totaled US$162.4 billion, up 22.3 percent from a year earlier, and imports totaled US$142.0 billion, up 26.0 percent.
That resulted in a trade surplus of US$20.4 billion, up 1.3 percent from a year earlier, according to the MOF.
Beatrice Tsai (???), director-general of the MOF’s Department of Statistics, said geopolitical risks caused by the war in Ukraine and China’s lockdowns in several of its industrial cities to fight COVID-19 have brought uncertainty to the global economy.
“But Taiwan continued to benefit from strong global demand for electronics devices at a time of a digital transformation,” Tsai said. “In addition, improvements in the global supply chain and an increase in raw material prices also pushed Taiwan’s exports higher.”
In April, electronic component exports totaled US$17.21 billion, up 27.5 percent from a year earlier. They grew on an annual basis for a 36th consecutive month, and accounted for 41.5 percent of Taiwan’s total exports during the month.
The booming component exports benefited from solid demand for high performance computing devices and automotive electronics, driving growth in semiconductor exports of 29.6 percent during the month from a year earlier to US$15.87 billion, Tsai said.
Exports of Taiwan-made information communications and video/audio products totaled US$5.19 billion in April, up 10.2 percent from a year earlier.
While demand for these products from China/Hong Kong and the Association of Southeast Asian Nations (ASEAN) bloc showed signs of weakening, demand from the United States remained solid, Tsai said.
Among old economy sectors, exports of mineral products (mostly fuel) soared 59.4 percent from a year earlier to US$1.56 billion on the back of a spike in international crude oil prices, Tsai said.
Exports posted by base metal and machinery suppliers rose 26.1 percent and 14.1 percent, respectively, from a month earlier to US$3.34 billion and US$2.45 billion in April, according to the MOF.
In terms of individual markets, China/Hong Kong remained the largest buyer of Taiwan’s goods in April, purchasing US$16.34 billion goods from Taiwan, up 10.6 percent from a year earlier and accounting for 39.4 percent of all exports, the MOF said.
ASEAN countries bought US$6.84 billion in goods from Taiwan in April, up 18.5 percent from a year earlier, ahead of the U.S. market, which bought US$6.24 billion in goods from Taiwan, up 26.6 percent from a year earlier, the MOF said.
Looking ahead, Tsai said that due to the number of working days in May, Taiwan’s exports could range between US$41.9 billion and US$43.4 billion, up 12-16 percent from a year earlier.
Source: Focus Taiwan News Channel