TAIPEI (Taiwan News) — Taiwan’s exports for the month of November reached a record high, up 30.2% from a year earlier and the 17th month in a row of year-over-year growth.
Data released by the Ministry of Finance (MOF) on Tuesday (Dec. 7) showed November exports hit US$41.58 billion, while imports increased 33.8% from a year prior to US$35.86 billion, leaving Taiwan with a trade surplus of US$5.71 billion, according to CNA.
Taiwan’s exports for the first 11 months of the year totaled US$405.75 billion, an increase of 30% from last year, while imports reached US$346.23 billion, a 33.8% bump from a year earlier. The trade surplus so far this year totaled US$59.52 billion, according to the MOF.
Electronics component exports for November totaled US$15.93 billion, representing 38.3% of all exports, followed by information, communication, and audio-video products at US$5.69 billion; base metals at US$3.83 billion; plastics and rubber at US$2.73 billion; and machinery at US$2.55 billion.
China and Hong Kong remained Taiwan’s biggest export market for November at US$17.14 billion in goods, representing 41.2% of all exports. The U.S. was second with US$6.64 billion in purchases, followed by the Association of Southeast Asian Nations (ASEAN) at US$6.33 billion, Europe at US$3.69 billion, and Japan at US$2.57 billion.
The MOF said December exports are forecasted to grow 21-25% year-over-year, while growth for the year could be around 30%.