Taipei-Taiwan's exports for November rose more than 10 percent from a year earlier, marking the 14th consecutive month in which the country's outbound sales had grown on a year-on-year basis, the Ministry of Finance (MOF) said Friday.
On the back of the peak season effect in the fourth quarter, Taiwan's export growth for November hit a new high of US$28.88 billion, up 14 percent from a year earlier, returning to a double-digit growth pace after a 3 percent increase seen in October, according to data compiled by the MOF.
In November, the country's imports rose 9 percent from a year earlier to US$22.92 billion, while the trade surplus for the month hit US$5.96 billion, up US$1.65 billion from a year earlier, the data indicates.
In the first 11 months of this year, Taiwan's exports totaled US$287.88 billion, up 13.1 percent from a year earlier, and its imports gained 12.6 percent year-on-year to US$236.14 billion, with a trade surplus of US$51.75 billion, up US$6.85 billion from a year earlier, the MOF said.
Tsai Mei-na (???), director of the MOF's statistics department, said the November exports grew at a better-than-expected pace, despite a relatively high comparison base over the same period of last year.
Tsai said the electronics component sector remained an anchor to the strong growth of the overall exports in November, with outbound sales hitting a new record high of about US$10.2 billion, up 16 percent from a year earlier.
It was the third consecutive month in which Taiwan's electronics component exports hit the US$10 billion mark. In November, exports of Taiwan-made semiconductors in the electronics component sector rose 17.0 percent from a year earlier to US$8.82 billion, the MOF data shows.
Exports of Taiwan's information communications and audio/video devices also grew 13.5 percent to US$3.09 billion in November, while exports of optoelectronics items rose 1.2 percent to US$1.10 billion, the data indicates.
In addition to electronic gadgets, the MOF said, machinery items recorded a 17.6 percent year-on-year growth in exports, hitting US$2.41 billion in November and serving as another pillar to the entire outbound sales growth.
In November, exports of base metals, plastics/rubber products, and chemical items also grew 17.4 percent, 20.4 percent and 16.7 percent, respectively, from a year earlier to US$2.54 billion, US2.09 billion and US$1.73 billion.
In terms of outbound sales destinations, Taiwan's exports to China and Hong Kong grew 16.8 percent from a year earlier to US$12.51 billion in November, while exports to the Association of Southeast Asian Nations bloc rose 11.8 percent to US$5.14 billion, according to the MOF.
Exports to the United States, Europe and Japan rose 14.6 percent, 10.0 percent and 8.9 percent, respectively, to US$3.39 billion, US$2.40 billion and US$1.82 billion, the MOF said.
Tsai said Taiwan's exports for 2017 are expected to breach the US$300 billion mark on expectations that global demand in December will remain strong, adding that many vendors will be keen to build up their inventories ahead of a buying spree at the end of the year and the upcoming Lunar New Year holiday in mid-February 2018.
Source: Focus Taiwan News Channel