Taiwan's Export Value Edges up 0.7% to US$26.9B. in October

Taiwan's export value reached US$26.9 billion in October for a minimal annual growth of 0.7%, far lower than 9.6% in August and 4.7% in September, according to the statistics released by Taiwan's  Ministry of Finance (MOF).

In October the exports of electronics, chemical equipment and transport vehicles rose, with  those of plastic & rubber products, minerals, and ICT items declining  8.9%-24.3% by US$885 million.

M.T. Yeh, director general at Department of Statistics of MOF, says the exports of electronic products in October remained strong with value of US$9.16 billion for a sizable annual growth of US$1.29 billion or 16.4%, and of which, ICs witnessed the highest growth of 21.5% or US$1.2 billion to hit monthly record high of US$6.975 billion.

Yeh indicates that Taiwan used to export about half its plastic & rubber products and 40% of chemicals to China, whose recently set-up own supplies have reduced such volumes.

In terms of region, the exports to the United States in October grew 4.4% year-on-year, to China (including Hong Kong) up 5.5% YoY and to Japan up 3.9%; while the exports to Europe plummeted 12.8% and to the six ASEAN (Association of Southeast Asian Nations) members down by 1.7%.

In the same month the exports to South Korea came to US$1.142 billion to surge 14.4% YoY and imports tumbled by 19.7% to US$1.096 billion, with a minimal surplus of US$46 million, which was the first monthly surplus with S. Korea in 24 years.

In October Taiwan's total imports dropped a slight annual 1.4% to US$22.28 billion, mainly due to the decrease of the imports of manufacturing equipment, which dropped an annual 3.9%.

In the first 10 months Taiwan's export value totaled US$261.53 billion, up 3.2% year on year, with 2014 export value to likely hit a new high of US$313.6 billion if market demand for electronic products remains strong in the following two months. (JL)