Year-on-year activity at Taiwan’s major ports is on the rise as the country saw its foreign trade increase 8.4 percent in August, according to the Ministry of Finance Sept. 7. (MOFA)
 

Taiwan’s exports rose 8.3 percent year on year to an all-time high of US$31.17 billion in August, while imports grew 8.5 percent to US$24.71 billion, according to the Ministry of Finance Sept. 7.

The MOF attributed growth in exports to increasing demand for electronics and information and communications technology products caused by the recent spike in remote work and online learning, as well as outbound shipments for the consumer electronics industry’s upcoming peak season, which occurs during quarter three of the fiscal year.

According to statistics revealed by the MOF, ICT product exports soared 21 percent; electronics, 19.1 percent; transportation equipment, 10 percent; optical instruments, 6.4 percent; and electrical equipment, 6.2 percent.

Of export destinations, China—including Hong Kong—the U.S., and Association of Southeast Asian Nations member states were the top three, respectively claiming 46.4 percent, 14.9 percent and 14.8 percent of all Taiwan exports.

Growth is expected to maintain momentum going forward on the back of the country’s ongoing development of emerging technologies such as 5G networks, artificial intelligence, high-performance computing devices and Internet of Things products and services, the MOF said. Taiwan’s semiconductor prowess along with increasing homebound investment by businesses operating overseas also plays a key role, the ministry added, though it cautioned that coronavirus and U.S.-China trade friction may continue to impact the global economy.

MOF statistics additionally reveal that the increase in imports resulted from rising inbound shipments of consumer products, 23.9 percent; capital equipment, 19.3 percent; and agricultural and industrial raw materials, 3.5 percent. (YCH-E)