Exports of electronics products hit new record
By John Liu, The China Post
August 8, 2014, 12:00 am TWN
Exports of electronics products over-performed in July, with sales of integrated circuits hitting a new record, according to a report released by the Ministry of Finance (MOF) yesterday.
Taiwan's exports totaled US$26.77 billion in July, up 5.8 percent year-on-year. Imports in the month totaled US$24.16 billion, representing a 9.5-percent growth. The trade surplus in July reached US$2.61 billion, equivalent to a 19.4-percent decline, according to the report.
Exports in the first seven months totaled US$180.15 billion, up 2.5 percent year-on-year. Imports during the same period reached US$161.36 billion. And the amount of trade surplus between January and July totaled US$18.78 billion, up 4.9 percent.
Exports continued to go up in July, said MOF Statistics Department Director Yeh Maan-tzwu (葉滿足), adding that electronics products, mineral products and chemical products saw higher growth, while optical instruments, information and communication technology (ICT) products did not fare as well.
Integrated Circuits Sales Hit New Record
Exports of electronics products totaled US$8.48 billion in July, growing US$1.47 billion or 5.8 percent, compared with a year ago. Exports of electronics products have exceeded US$8.1 billion for five consecutive months, the MOF noted. Exports of this product category in the first seven months surged 13 percent, compared with the same period last year.
Integrated circuits (IC) comprised the majority of exported electronics products, the MOF said. The exported amount reached US$6.22 billion in July, up 20 percent year-on-year, hitting a new record.
Exports of ICT products fared poorly in July. The exported amount dropped almost 26 percent from last year. Underperforming sales of mobile phones was a major contributor to the sub-par performance, the MOF said. Mobile phone sales in July went down by US$350 million, representing a staggering 65 percent drop year-on-year. The amount was even less than the figure in June.
Exports of base metal products, machinery, chemical products and other transportation equipments were on track for stable recovery
Higher Demand from All Export Markets
Taiwan's exports to all markets grew in July, showing that markets in the eurozone, Asia and the U.S. are recovering, said the MOF.
Exports to The Europe grew 8.9 percent, while exports to ASEAN-6 countries (Indonesia, Malaysia, the Philippines, Thailand, Singapore and Vietnam) also grew 9 percent.
Exports to mainland China and Hong Kong, which together accounted for roughly 40 percent of Taiwan's exports, totaled US$7.06 billion and US$3.47 billion, respectively, growing at 3.2 percent and 14 percent.
Looking into the future, the economy of the Western world is on track for recovery, said the government. Companies are expected to roll out new mobile devices. With shopping season approaching in China and the western world, the MOF forecast growth in exports momentum down the road.
However, exports may still be weakened due to several factors, including Chinese companies' beefing up their local supply chain, intense competition with global players, and slowing growth in Asia's emerging markets, the MOF said.