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MOEA says trade surplus for 2008 to hit US$30b

MOEA says trade surplus for 2008 to hit US$30b

Taiwan's total foreign trade for the next year will break the US$500 billion mark, while the trade surplus is expected to expand to US$30 billion, according to the latest forecast released yesterday by the Bureau of Foreign Trade under the Ministry of Economic Affairs.
The report shows that the country enjoyed booming exports this year and that as of December 15 exports had grown by approximately 9.6 percent, while the cumulative trade surplus reached US$25.56 billion and the total value of foreign trade topped US$439.8 billion.
The latest figures also forecast that the value of total foreign trade for the year is likely to break the US$450 billion mark, while the trade surplus is expected to amount to US$27.5 billion: both record highs.
Meanwhile, according to the forecast published December by Global Insight Inc., an international economic forecasting company, the global economic growth rate for this year would drop to 3.8 percent, down from 4 percent for last year due to slowing economic growth in the United States and Japan.
Global growth
Global Insight also lowered the global growth forecast for 2008 to 3.4 percent because of the negative effects of the U.S. subprime mortgage crisis.
However, the report of the Bureau of Foreign Trade showed that given increased economic interdependence between China and Taiwan, Taiwan is expected to benefit from China's steady economic growth, which will cushion the impact from falling global markets.
Therefore, Taiwan's growth in exports for 2008 is likely to slow slightly to an estimated 8.52 percent, with total exports reaching an estimated US$265.32 billion. The projected import growth rate will be 8.36 percent, with total imports estimated to reach US$234.83 billion, according to the report.


Updated : 2021-06-17 03:43 GMT+08:00