Taiwan’s exports at all-time monthly high for March
TAIPEI - Taiwan’s exports climbed 16.7% on-year to an all-time monthly high of US$29.99 billion in March, buoyed by stronger economic conditions at home and abroad, according to the Ministry of Finance.
The result sealed a strong finish of US$79.74 billion for the first quarter of 2018, up 10.6% from the same time last year. It was the seventh consecutive quarter of growth and second-longest period of economic expansion since 1998.
Surging demand in key sectors like electronic components and smart machinery was largely responsible for the result, the MOF, citing a record US$9.3 billion in information and communication technology (ICT) shipments for last month.
Exports in six of Taiwan’s nine major sectors also reached double-digit growth on-year for March. Chemicals rose 32.9% to US$2.04 billion; machinery, 27.2% to US$2.43 billion; electronic components, 21.5% to US$10.54 billion; basic metals, 18.6% to US$2.81 billion; plastic and related products, 16.9% to US$2.21 billion; and transportation equipment, 14.4% to US$954 million.
Taiwan’s top export destinations for March remained mainland China and Hong Kong, up 30.9% from the same time last year to US$13.43 billion, followed by ASEAN member states, 1.6% to US$5.01 billion, and the U.S., 4.3% to US$3.13 billion.
Looking ahead, the MOF said it expected more opportunities for Taiwan exports in automotive electronics, biometrics and the Internet of Things.
But it cautioned that the growth trend could be impacted by uncertainties stemming from the recent aluminium and steel tariffs announced by the U.S., as well as incidences of trade protectionism in leading economies. www. email@example.com