Taiwan: Merchandise exports gain steam in November
Merchandise exports shot up 30.2% annually in November (October: +24.6% year-on-year). November’s reading was powered by strong growth in all subsectors, with the all-important electronics sector—which accounts for over half of all exports—up around 27%. Meanwhile, merchandise imports climbed 33.8% on an annual basis in November on higher energy imports (October: +37.2% yoy), although the reading marked the worst result since April 2021.
As a result, the merchandise trade balance deteriorated from the previous month, recording a USD 5.7 billion surplus in November (October 2021: USD 6.1 billion surplus; November 2020: USD 5.1 billion surplus). Lastly, the trend improved, with the 12-month trailing merchandise trade balance recording a USD 65.2 billion surplus in November, compared to the USD 64.7 billion surplus in October. Export orders—which typically lead actual exports by two to three months—jumped 14.6% in October, the latest month for which data is available, suggesting easing export growth going forward.
Looking forward, underlying export momentum should remain robust in 2022 on a healthy chip market, even as headline export growth moderates due to the tough base of comparison.