Both import and export figures grew significantly this month.
Taiwan’s trade data smashed industry expectations after export growth increased to 14% YoY in November from last month’s measly 3% whilst import growth zoomed to 9% YoY from last month’s 0.1%, according to Bank of America Merrill Lynch.
The rapid acceleration is largely due to resilient external demand and consumer demand for electronic products, BofAML adds.
Tech export growth rose to 14.2% YoY In November across all segments as electronic parts, information & communications products and precision instruments all improved in November to 16%, 13.5% and 1.2% YoY respectively.
Exports to major trade destinations also rose this month with exports to US, Europe and Japan growing to 14.6%, 10% and 8.9% YoY respectively.
Exports to China/Hong Kong and other ASEAN countries also increased to 16.8% and 11.8% YoY respectively.
BofAML forecasts that external demand will continue to drive Taiwan’s exports but a higher yearly comparison base implies more downward pressures especially if there would no additional catalysts for the tech supply chain after the launch of the iPhone X.
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