Taiwan’s May exports increase 14% year-on-year

May continues a 6-month export growth hot streak

Shipping containers in motion (Image from Pixabay)

Shipping containers in motion (Image from Pixabay)

TAIPEI (Taiwan News) – The Ministry of Finance announced that Taiwan's May exports increased by 14.2 percent when compared to May 2017, on the back of strong international trade trends, CNA reported.

May's export result exceeded expectations and is the sixth continuous month of strong growth.

May saw Taiwan's exports total US$29.12 billion, which was the third highest-ever monthly total.

Taiwan's export growth was caused by improvements to the global trade climate, growing sales of non-U.S. owned smart phones and emerging technologies like the Internet of Things and automotive electronics.

The electronic components sector achieved 15.9 percent year-on-year export growth during May.

Director of the Ministry of Finance's statistics department, Tsai Mei-na (蔡美娜) told CNA that higher crude oil and base metal prices also contributed to rising Taiwanese exports.

Base metal exports increased by 17 percent and chemical exports grew by 20.7 percent in May from a year earlier.

Taiwan's exports grew in all three major markets of Hong Kong/China, ASEAN and the United States.

Tsai said that exports are expected to grow by 5-7 percent in June 2018 compared to June 2017. The slowing of export growth is expected in some part due to the upcoming Dragon Boat festival and consequent public holidays.