TAIPEI (Taiwan News) — Taiwan’s exports grew 38.6 percent in May from a year earlier as the global economy has begun to bounce back from the pandemic.

The Ministry of Finance (MOF) on Tuesday (June 8) said May’s exports totaled US$37.41 billion, while imports rose by 40.9 percent from a year earlier to US$31.25 billion. This left Taiwan with a trade surplus of US$6.16 billion for the month.

Export growth in May marks the third straight month Taiwan’s exports have seen double-digit increases. In March, total exports expanded 27.1 percent year on year, while in April they grew by 38.7 percent.

Figures from January to May show exports are up 30.2 percent from a year earlier at US$170.32 billion, and imports increased 26 percent from a year earlier to US$143.61 billion. So far for the year, the country has a trade surplus of US$26.7 billion.

The biggest contributor to last month’s exports was electronic components at US$13.27 billion, a 29.6 percent increase compared with the same month last year. This was followed by information, communication, and audio-video equipment at US$5.1 billion; metals at US$3.16 billion; plastics/rubbers at US$2.81 billion; and machinery at US$2.48 billion, according to MOF data.

China and Hong Kong remained the largest export destination with US$15.69 billion in goods sold in May, followed by the Association of Southeast Asian Nations (ASEAN) at US$5.91 billion, the U.S. at US$5.44 billion, Europe at US$3.44 billion, and Japan at US$2.41 billion.