TAIPEI: Initial results show that exports picked up by 3.4 percent to $25.12 billion (NT$795.87 billion) last month from a year earlier as demand for electronic devices remained solid — more than offsetting the negative impact of falling crude prices on mineral and chemical shipments, the Ministry of Finance said in a report released here the other day.
However, the year-on-year uptick is expected to decrease to 0.5 percent after adjustments are made for seasonal and holiday effects — as January last year had fewer working days because of the Lunar New Year holidays, the ministry said.
Exports of electronics, machinery and optical products all saw double-digit growth last month from a year earlier, due to demand for new-generation mobile devices, Department of Statistics Director Yeh Maan-tzwu said.
Electronics shipments saw year-on-year growth of 11.9 percent to US$8.35 billion last month, while machinery and optical exports saw growth of 18.6 percent and 17.1 percent to US$1.78 billion and US$1.57 billion respectively, ministry data show.
However, drastic declines in mineral and chemical shipments last month exerted downward pressure on overall export figures.
Mineral shipments fell 48.4 percent to US$1.02 billion while chemical exports shrank 9.8 percent to US$1.68 billion, the report said.
Tumbling crude prices depressed imports which showed a year-on-year decline of 4.8 percent to US$20.32 billion last month, the report said.
The slowdown in imports helped boost the trade surplus to US$4.8 billion last month, compared with US$4.45 billion in December last year, the report said.
By area breakdown, overall shipments to Europe contracted 12.6 percent to US$2.12 billion last month and shrank 7.5 percent to US$4.21 billionin ASEAN markets, the report said.
Exports to China increased 11.8 percent to US$10.34 billion and exports to the US grew by 8.1 percent to US$2.88 billion, the report said.
The ministry said exports would have difficulty posting growth this month due to fewer working days over the Lunar New Year holidays.
Australia and New Zealand Banking Group (ANZ) said exports to the US should remain healt
