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Taiwan records US$55.43 billion in May exports

US most popular export destination for Taiwanese goods in May

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Evergreen container ship. (Reuters photo)

Evergreen container ship. (Reuters photo)

TAIPEI (Taiwan News) — Taiwan recorded US$55.43 billion (NT$1.65 trillion) in export orders for the month of May, the Ministry of Economic Affairs (MOEA) said Monday (June 20).

May exports saw a 6% year-on-year increase and a 6.8% bump from the previous month, CNA cited the MOEA’s Department of Statistics as saying. Total exports for the first five months of the year totaled US$280.46 billion, representing a 9.5% increase from a year earlier.

Taiwan exported US$18.55 billion in electronics in May, representing a 17.4% year-on-year increase, while information and communication product exports grew 2.7% to US$13.94 billion, MOEA data showed.

Export growth in these sectors was driven by demand for 5G applications, high performance computing, and automotive electronics, the MOEA said.

Optoelectronics makers took a hit last month, exporting US$1.81 billion in goods, a 29.8% decline from a year prior. The MOEA said the drop was caused by dwindling demand for end-products like televisions and notebooks from China and Hong Kong.

The U.S. was the most popular destination for May exports, totaling US$16.89 billion, a 10.5% year-on-year increase, followed by China and Hong Kong at US$12.31 billion, a 13.4% yearly decline.

Taiwanese exports to Europe last month totaled US$10.43 billion, a yearly growth of 9.5%, while exports to ASEAN countries grew 33.3% to US$6.86 billion. Exports to Japan, meanwhile, fell 7.8% year-on-year to US$2.68 billion in May.

Looking forward, the MOEA is predicting continued demand for Taiwan’s emerging technology exports. The ministry forecasted exports to come in between US$55.50 – US$57.00 billion for the month of June.