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Taiwan exports up over 2% year-on-year in September

2018/10/08 19:26:35

CNA file photo

Taipei, Oct. 8 (CNA) Taiwan reported Monday a more-than 2 percent year-on-year increase in exports for September on the back of solid global demand which offset the impact of a reduced number of working days in the month, the Ministry of Finance (MOF) said Monday.

Data compiled by the MOF shows that Taiwan's outbound sales for September, when the Mid-Autumn Festival holiday cut the number of working days, rose 2.6 percent from a year earlier to US$29.62 billion, marking the seventh consecutive month in which the country's exports had increased year-on-year.

The September figure was also compromised by a relatively high comparison base over the same period of last year, the MOF said.

The last year-on-year fall of 1.2 percent in exports was in February, when the number of working days was lowered by the Lunar New Year holiday to stop a 16-month rising streak.

In September, Taiwan's imports rose 13.9 percent from a year earlier to US$25.29 billion, with the trade surplus falling US$2.33 billion year-on-year to US$4.33 billion.

In the first nine months of this year, Taiwan's exports rose 8.1 percent from a year earlier to US$250.10 billion and imports grew 11.9 percent to US$213.42 billion, with the trade surplus down US$4.02 billion at US$36.68 billion.

The MOF said that on the back of rising international crude oil prices, outbound sales of chemical products and plastic and rubber items grew 18.3 percent and 7.6 percent, respectively, from a year earlier to US$1.93 billion and US$2.09 billion, respectively.

Exports in base metals rose 8.6 percent from a year earlier to US$2.80 billion on higher sales volume, while outbound sales in machinery bucked the upturn, falling 1.3 percent to US$2.24 billion due to a high comparison base last year.

Also underperforming the overall exports, outbound sales in electronic components fell 0.5 percent from a year earlier to US$10.12 billion in September due to a high comparison base compared to last year, with semiconductor exports down 0.5 percent at US$8.74 billion.

The MOF said China and Hong Kong remained the largest buyers of Taiwanese goods in September, with a combined value of US$12.38 billion, up 1.9 percent from a year earlier, the MOF added.

The Association of Southeast Asian Nations came in second, buying about US$4.80 billion-worth of goods from Taiwan in September, down 4.2 percent from a year earlier, the MOF said.

Taiwan's exports to the U.S. rose 9.4 percent from a year earlier to US$3.62 billion in September, while exports to Europe and Japan hit US$2.79 billion and US$2.04 billion, respectively, up 1.7 percent and 3.5 percent from a year earlier, the MOF added.

(By Chiu Po-sheng and Frances Huang)
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