Slower-than-expected Taiwan export growth in December, positive outlook

  • Taiwan exports in December + 23.4% year-on-year vs. + 26.7% Reuters poll
  • December imports + 28.1% year-on-year versus + 30.6% in the polls
  • The Ministry of Finance expects January exports + 14% to + 17% y / y
  • Growth is expected to continue in the first quarter

TAIPEI, Jan. 7 (Reuters) – Taiwan’s exports increased for the 18th consecutive month in December, albeit at a slightly slower pace than expected, driven by continued high tech demand and amid a global shortage of computer chips .

Exports in December were the second-highest monthly figure on record, rising 23.4 percent from the previous year to $ 40.72 billion, the finance ministry said on Friday.

A Reuters analyst poll had forecast a rise of 26.7% for the month, against an increase of 30.2% in November. Read more

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Exports rose 29.4% in 2021 to a record high, supported by global demand for the island’s tech products, from semiconductors to telecommunications equipment.

The ministry attributed December’s growth to strong demand for technological exports such as electronic components as well as chips, the shortage of which has crippled auto factories around the world and is affecting consumer electronics.

Exports of electronic components rose 27.5% in December to $ 3.51 billion, with semiconductor exports increasing 29.2% and telecommunications products by 22.4% from the previous level. last year.

Companies such as Taiwan Semiconductor Manufacturing Co Ltd (TSMC) are major suppliers to Apple Inc (AAPL.O) and other global tech giants, as well as chip suppliers for major automotive and electronics manufacturers. low-end audience.

The finance ministry has warned of risks ahead, including uncertainty over the COVID-19 pandemic as well as persistent supply chain bottlenecks.

But he said strong growth is expected to continue in the first quarter, supported by sustained global demand for tech products and steadily improving global economic fundamentals.

December’s exports to China, Taiwan’s largest trading partner, grew 16.2 percent annually to $ 17.09 billion, while exports to the United States jumped 29 percent.

Taiwan’s imports jumped 28.1%, although lower than economists’ expectations of a 30.6% increase, after rising 33.8% in November.

Taiwan could see its January exports increase by 14% to 17% from the previous year, the ministry said.

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Reporting by Sarah Wu and Jeanny Kao; Writing by Yimou Lee; Editing by Robert Birsel

Our Standards: Thomson Reuters Trust Principles.

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