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Taiwan sees strong March exports on back of continued electronics demand

March figures represent 25th consecutive month of export growth

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Container ships. (AP photo)

Container ships. (AP photo)

TAIPEI (Taiwan News) — Taiwan’s export orders in March hit US$62.69 billion (NT$1.83 trillion), the Ministry of Economic Affairs (MOEA) said Wednesday (April 20).

March saw a 21.6% increase in export orders from the previous month and a 16.8% bump compared to March 2021, according to the ministry. The figure also represented the 25th consecutive month of export growth, according to CNA.

Export orders for the first quarter totaled US$173.13 billion, a 10.1% decrease from the previous quarter but a 16.2% increase compared to the same period last year, according to MOEA data.

Taiwan’s largest export markets in March were the U.S. (US$18.60 billion), China and Hong Kong (US$15.58 billion), Europe (US$12.03 billion), the Association of Southeast Asian Nations (US$6.82 billion), and Japan (US$2.92 billion), the data showed.

According to Huang Yu-ling (黃于玲), head of the MOEA’s Department of Statistics, export growth was driven by strong demand for emerging technologies and improved supplies of raw materials.

Looking forward, China’s escalating COVID situation could affect future exports, as 43% of the production capacity of Taiwanese businesses is located in that country, according to the ministry.