Taiwan to see double-digit trade growth for 2004 : CHIER

Taipei, Dec. 25, 2003 (CENS)--Taiwan is expected to see a double-digit growth for both exports and imports in 2004, with exports projected to grow 10.89% and imports 11.89%, according to a report on Taiwan's economy recently done by Chung-Hua Institution for Economic Research (CHIER).

CHIER finished the analytical report as a research project consigned by the Bureau of Foreign Trade (BOFT) under the Ministry of Economic Affairs (MOEA), focusing on forecasting the island's economic trend in the coming year. The report indicated that Taiwan's economic performance next year would be better than this year as global market has gradually gained strength. And Taiwan's trade surplus for 2004 is estimated to reach US$19.88 billion, quite near the US$20 billion mark.

With active trading in the second half of this year, Taiwan's exports in the third quarter of this year amounted to US$36.49 billion, up 9.64% from the same quarter of last year and imports rose 4.81% to US$31.74 billion. During the period, exports showed a larger growth than imports, reversing the situation in the preceding quarter. The trade surplus in the third quarter stood at US$4.75 billion, with a sizable growth of US$1.75 billion or near 60% from the US$2.99 billion for the same quarter of 2002.

CHIER estimated the export value for the full year of 2003 to increase by 9.24% to US$142.67 billion, and imports to grow 9.85% to US$123.62 billion. The trade surplus is projected to be US$19.05 billion.

Viewing the economic composite indexes of the world's strong economic powers, such as the United States, Japan, the United Kingdom, France and Germany, CHIER expected a rosy picture for the world's economy next year. It believed that the world has generally regained its strength and the economic climate for 2004 would be better than this year, which will help boost Taiwan's foreign trade next year.