TAIPEI (Taiwan News) — Taiwan’s Ministry of Finance has estimated the value of the country’s exports this year could exceed US$70 billion (NT$2.01 trillion) — a record high.
The ministry said exports have been buoyed by strong demand for semiconductors and other components amid continued growth in emerging technologies and new opportunities in digital transformation, per a Liberty Times report. The ongoing reshoring of semiconductor firms and deepening investment in supply chains in Taiwan have been contributing factors, alongside rising demand from both the Chinese and U.S. markets.
In the first quarter of this year, exports increased by 23.5% year-on-year, while imports increased by 25.8%, representing, respectively, the second-highest and highest increase in value for a single quarter.
However, a global economic slowdown could threaten this strong outlook, as it will not be easy for exports to sustain high growth. An additional concern is the recent rapid spread of Omicron, which will inevitably put pressure on domestic consumption and employment, the ministry warned.