Taiwan’s economy shows resilience in Q1

High demand of electronic components lift export growth, dining industry still struggling

Taiwan News
Date: 2020/05/08
By Chris Chang, Taiwan News, Staff Writer

Electronic products, components still create momentum of Taiwan’s exports  (CNA photo)

TAIPEI (Taiwan News) — Taiwan's international trade climbed in Q1 despite the severe impacts the Wuhan coronavirus (COVID-19) pandemic has had on the world economy; goods shipped to China, the U.S., and ASEAN countries saw the largest percentage increase.

According to Taiwan's Ministry of Finance (MOF), the country's total exports in Q1 increased by 3.7 percent from last year, as a result of a 20 percent surge in electronic component exports alone. Meanwhile, imports shot up to 3.5 percent, mainly due to the high demand for manufacturing equipment and memory chips.

Regarding trading partners, exports to the U.S. hit a historical high in Q1, with computers, disks, and Internet equipment making up the bulk of shipped goods. The sales of electronic components to Singapore turned a previous loss in exports to Southeast Asian countries over the past six quarters into a 5.6 percent increase.

Because of the mixed demand for high-end technology, such as wafer testing and packaging, as well as raw materials for machines and plastic products, export growth to China was pegged at 6.7 percent.    [FULL  STORY]

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