Taiwan’s export nudges 3.1% YoY in July – data

Taiwan’s exports rose by 3.1 per cent year-on-year in July 2024 to reach $39.94 billion, while imports increased by 16.2 per cent to $35.10 billion, resulting in a trade surplus of $4.83 billion, according to the Ministry of Finance data on Thursday.

In July, the country experienced a 42.4 per cent rise in exports of information, communication, and audio-video products compared to the previous year.

However, exports of electronic product parts, base metals, machinery, plastics, rubber, and related articles declined by 12.04 per cent, 5.94 per cent, 5.64 per cent, and 4.54 per cent, respectively.

The United States remained a major export market, with shipments surging by 70.3 per cent year-on-year.

Conversely, exports to Mainland China and Hong Kong contracted by 13.5 per cent, while those to ASEAN, Japan, and Europe declined by 0.4 per cent, 15.9 per cent, and 33.7 per cent, respectively.

On the import side, the demand for electronic product parts skyrocketed by 28.4 per cent, followed by a 10.4 per cent increase in mineral products.

Additionally, imports of information, communication, and audio-video products surged 73.7%, while base metals and articles thereof grew by 37.8 per cent. Machinery imports, however, dipped 3.1 per cent.

Attribution: Taiwan’s Ministry of Finance report