Taiwan Trade Surplus Widens Notably in August

Taiwan’s trade surplus widened to a record high of USD 16.83 billion in August, up from USD 11.50 billion a year earlier and beating market expectations of a USD 12.80 billion surplus. Exports jumped 34.1% year-on-year to USD 58.49 billion, driven by strong growth in information, communication, and audio-video products (+79.9%) and electronic parts (+34.6%). Shipments rose to ASEAN (+46.7%), the US (+65.2%), and China & Hong Kong (+15.9%), but declined to Europe (-10.5%). Imports rose 29.7% to USD 41.66 billion, due to higher purchases of electronic parts (+54.5%), information and audio-video products (+118.5%), and machinery (+47.1%), despite a decline in mineral products (-8.1%). Import growth was led by increases from Korea (+64.9%), ASEAN (+48.8%), China & Hong Kong (+23.1%), Japan (+24.7%), the US (+21.3%), and Europe (+9.8%). From January to August, Taiwan’s trade surplus totaled USD 86.89 billion, including a USD 85.36 billion surplus with the US.