Taipei, Taiwan’s exports in August hit a single-month high of US$31.17 billion thanks to peak season sales, booming business in emerging technologies and increased stay-at-home orders related to the COVID-19 pandemic, the Ministry of Finance said Monday.
The country’s exports in the month rose 8.3 percent from a year earlier, marking the second consecutive monthly year-on-year increase, according to the MOF.
Compared with the same period of last year, although the COVID-19 pandemic damped demand for a range of old economy products such as mineral products and basic metals from Taiwan, exports in August still posted 8.3 percent year-on-year growth.
This was largely due to new business opportunities in emerging technologies such as 5G gadgets, stay-at-home products, the return of overseas Taiwanese businesses and the effects of peak season sales, according to the MOF.
On a month-on-month basis, exports in August rose 10.6 percent, the data indicated.
In the first eight months of this year, Taiwan’s exports grew 1.5 percent annually to US$217.38 billion, leaving the country with a trade surplus of US$33.18 billion — an increase of US$3.53 billion from a year ago, the MOF tallies showed.
In August, exports to China and Hong Kong hit a single-month high of US$14.46 billion, up 22.9 percent from a year earlier, accounting for about 46.4 percent of total exports.
Meanwhile, exports to the United States also hit a single-month high of US$4.65 billion, up 13.8 percent from a year earlier, about 14.9 percent of total exports.
However, exports to the Association of Southeast Asian Nations stood at US$4.6 billion, down 3.3 percent from a year earlier, while exports to Europe declined by 4.2 percent year-on-year to US$2.45 billion, according to the MOF.
Looking ahead, the ministry said it expects new business opportunities in emerging technologies and the leading edge of Taiwan’s semiconductor sector to boost the country’s exports.
However, factors such as the ongoing global COVID-19 pandemic, low raw material prices, as well as the trade friction and technology war between China and the United States, could still result in Taiwan’s exports declining slightly in the second half of the year.
Source: Focus Taiwan News Channel