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Taiwan Q2 exports highest in 3 years
Publication Date : 09-07-2014
Taiwan's exports hit US$26.8 billion in June, up 1.2 per cent year-on-year, with the second quarter receipts exceeding US$80 billion, which was a new record in three years, the Ministry of Finance (MOF) said yesterday.
The electronics industry, which accounts for about 30 per cent of Taiwan's exports, saw the best performance in June. The amount totaled US$8.32 billion, growing 9.9 per cent year-on-year.
In the electronics industry, while the integrated circuits (IC) sector grew 9.3 per cent, the foundry sector also received plenty of orders, resulting in an ordering queue until the end of the year, according to an industry source.
Exports of base metal products amounted to US$2.53 billion, representing a 12.2-per cent growth. The steel metal industry's output posted the highest growth at 17.1 per cent. The machinery industry, on the other hand, grew 12.7 per cent, and the output totaled US$1.92 billion in the month, which was a new single-month record, according to the MOF.
Three other major industries — mineral, optical instruments and information and communication technology (ICT) - all saw a decline in outputs, by 30 per cent, 12.3 per cent and 13.6 per cent, respectively.
In the mineral industry, exports of diesel, gasoline and airline fuel dropped by more than 30 per cent. This was a result of the shut down of oil refineries between May and June for annual maintenance work, said Yeh Maan-tzwu, the director of MOF's Statistics Department. Since major refinery Formosa Petrochemical Corp. is expected to resume operation in July, Yeh forecast better industry performance starting next month.
Exports of optical instruments declined by 12.3 per cent. Weak sales of LCD products, which dropped by 40 per cent, were the main contributor to the unsatisfactory performance, according to the MOF. However, the industry may see better performance next month, as major original design manufacturer Wistron Corp. pointed out recently that “the worst is in the past,” according to Statistics Chief Yeh.
Except for the Asean-6 countries (Indonesia, Malaysia, the Philippines, Thailand, Singapore and Vietnam), Taiwan's exports to all other markets grew in June. A freeze in mineral product output contributed to the decline in exports to the Asean-6 countries, according to Yeh.
Exports to mainland China and Hong Kong, which accounted for roughly 40 per cent of Taiwan's total exports, totaled US$10.63 billion, up by 3.4 per cent year-on-year.
Imports amounted to US$24.91 billion in June, up 7.5 per cent year-on-year. Imports of major product categories grew across the board. Imports of precision instruments grew 36.7 per cent, agricultural and industrial raw materials,6.9 per cent and consumer products, 15.9 per cent. Imports of food products and small cars both grew over 20 per cent.
Imports totaled US$137.21 billion during the first six months of 2014, representing a 1.1-percent growth from a year ago.