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Taiwan exports in August grew by stellar 13.6%

Global demand for high-end products a boost to Taiwan's economy

(Facebook, Port of Kaohsiung photo)

(Facebook, Port of Kaohsiung photo)

TAIPEI (Taiwan News) — Taiwan’s exports in August totaled US$45.5 billion, rising for the sixth consecutive month and representing an annual growth of 13.6 percent.

August was the month with the most growth since February 2018, said Huang Yu-ling (黃于玲), director of the Ministry of Economic Affairs’ Department of Statistics (DOS). The stellar performance can be attributed to the buoyant demand for high-end semiconductor products and remote technology-related goods.

Exports for electronics and ICT products grew year-on-year by 28.2 and 26.4 percent, respectively, while machinery and optical equipment exports saw 7 and 5.4 percent increases, respectively. Demand for goods in traditional industries like plastics and chemicals was still sluggish but is expected to pick up as economic activity returns globally.

The three largest export markets for Taiwan in August were the U.S. (US$13.7 billion), China (US$12.9 billion), and Europe (US$8.1 billion).

An uptick in demand for ICT products and electronics can be anticipated in the second half of the year with the roll-out of consumer electronics and continuous demand driven by the stay-at-home economy. Nevertheless, the rampant COVID-19 pandemic and U.S.-China tech war could still weigh on export orders, according to DOS.

Updated : 2021-04-22 23:22 GMT+08:00