Taiwan’s exports grew 4.9 percent year on year to an all-time high of US$345.28 billion in 2020, while imports rose 0.3 percent to US$286.49 billion, according to the Ministry of Finance Jan. 8.
The growth in exports can be attributed to increasing demand for electronics and information and communications technology products caused by the spike in remote work and online learning over the past year, as well as sustained expansion of emerging technologies such as 5G applications, the MOF said.
According to statistics revealed by the MOF, electronics exports soared 20.5 percent; ICT products, 15.4 percent; optical instruments, 4.4 percent; and electrical equipment, 1.2 percent.
Despite the global impact of COVID-19, Taiwan’s exports are expected to maintain momentum in the first quarter this year on the back of the country’s prowess in the semiconductor industry, the MOF said, adding that the expected higher demand for electronic devices in the lead-up to Lunar New Year will also help boost growth.
MOF statistics additionally show that the increase in imports can be ascribed to
rising inbound shipments of capital equipment, 3.5 percent, and consumer products, 3.3 percent. (YCH-E)
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