The rise in exports of Taiwan to the US offset the falls in exports to other major markets

The rise in exports of Taiwan to the US offset the falls in exports to other major markets

According to the Ministry of Finance, the exports of Taiwan rose as compared with the corresponding ones from a year earlier in June for the first time in 8 months as the exports to the US remained on the upsurge, balancing the falls in exports to major other markets.

The rise in exports to the United States market led to part from the return home of Taiwanese firms operating in China to manufacture & directly ship goods from Taiwan to the United States for avoiding higher tariffs on the goods manufactured in China, Tsai Mei-na, Ministry of Finance Statistics Department director said.

Data compiled by the Ministry of Finance showed that in the month of June, exports of Taiwan increased 0.5 percent year-on-year to US$28.39Bn after a 4.8 percent drop seen in May. The most recent export figure was the highest level for June in the history of the country.

On the basis of month-on-month, the outbound sales of Taiwan increased by 2.4%, the data revealed.

The Ministry of finance told that Imports of Taiwan in June increased 6.6 percent year-on-year to US$24.51Bn, leading to a trade surplus of US$3.87Bn, i.e. decreased in US$1.37Bn from the same period a year earlier.

In the 2nd quarter, exports of Taiwan were down 2.6% from a year earlier to US$81.91Bn, and imports increased 0.9 percent to US$70.89Bn, leading to a trade surplus of US$11.02Bn, down 20.2% as compared to the previous year’s record, the ministry of finance added.

Exports had also decreased as compared to the previous year in the first 6 months, dropping 3.4% to US$158.23Bn amidst falling global demand at a time of a trade war between the United States and China, the data showed.

In the first half the imports rose 0.1 percent as compared to last year to US$138.29Bn, resulting in a trade surplus of US$19.95Bn, the data showed.