Emerging markets may be key to achieving high export growth: MOEA
February 17, 2014, 12:02 am TWN
TAIPEI -- Taiwan's government is turning its attention to export growth in emerging markets this year in the hopes that shifting from reliance on solely developed markets will boost economic performance.
The Ministry of Economics Affairs on Sunday named 10 emerging markets that it said will be key to export-driven Taiwan this year: China, Indonesia, India, Vietnam, Myanmar, the United Arab Emirates, Egypt, Russia, Brazil and Mexico.
The ministry hopes that leveraging competitive advantages in those markets will help it hit its export growth goal of 4.2 percent, a high bar considering official forecasts of 3.07 percent growth for the year.
The economics ministry is organizing promotional events for leading exporters and also plans to relocate some of its overseas employees from developed countries to the key emerging markets.
But the strategy shift does not mean that Taiwan will give less weight to mature markets such as the United States, the European Union, or Japan. As an export-oriented economy, Taiwan “cannot emphasize one at the expense of another,” the ministry noted.
According to data from the Ministry of Finance published Monday, the January exports came to US$24.31 billion, a 7.9 percent drop from December and a 5.3 percent drop from a year earlier.
The data showed that imports for the month, meanwhile, came in at US$21.34 billion, a drop of 11.8 percent from the previous month and a year-on-year decrease of 15.2 percent.
The declines were caused by lukewarm demand in regional markets over the Lunar New Year holiday, which began at the end of January in China, Hong Kong, Singapore and other countries, government officials said.