Taiwan’s June exports on the rise again, boosted by strong semiconductor exports, Telecom News, ET Telecom
Exports rose 35.1 percent from a year earlier to reach $ 36.65 billion last month, the finance ministry said on Wednesday, the second-highest monthly figure on record.
Analysts in a Reuters poll were forecasting an increase of 30.3% for June, against 38.6% in May.
The ministry attributed the growth to the gradual reopening of economies around the world and the continued high demand for technology products to support distance work and study that has been the mainstay of life during the COVID-19 pandemic.
Exports of electronic products hit a record high in June at $ 14.51 billion, as semiconductor exports rose 28.5% from the previous year.
Companies such as Taiwan Semiconductor Manufacturing Co Lt (TSMC) are major suppliers to Apple Inc and other global tech giants, as well as key chip suppliers for automakers and low-end consumer electronics. .
The ministry said it expected exports in the second half of the year to continue growing, helped by strong demand for the island’s advanced chips as well as the year-end holiday season, which is traditionally a busy time for tech makers in Taiwan.
While it said it saw risks ahead of an increase in COVID-19 variants around the world, the ministry said Taiwan’s economy would benefit from the technological demand caused by the pandemic as More and more businesses and people are moving their businesses online.
June’s exports to China, Taiwan’s largest trading partner, jumped 29 percent annually to $ 16.15 billion, the highest monthly figure on record, while exports to the United States rose. increased by 34.5% over one year.
Imports jumped 42.3%, against economists’ expectations for an increase of 33.4% and an increase of 40.9% in May.
Taiwan could see its exports in July increase from 29% to 33% from the previous year, the ministry added.
The government has remained optimistic about Taiwan’s prospects, even with the home pandemic now under control and restrictions that may be relaxed later this month.