Friday , April 10 2020
Breaking News
Home / International Customs / Taiwan / Taiwan’s exports grow by 2.7%, imports rise by 1.6% in 2014
Taiwan’s exports grow by 2.7%, imports rise by 1.6% in 2014

Taiwan’s exports grow by 2.7%, imports rise by 1.6% in 2014

TAIPEI: Taiwan’s exports and imports rose marginally in 2014 despite falling year-on-year in December, the Ministry of Finance (MOF) said here the other day.

Taiwan’s exports grew 2.7 percent in 2014 to a record high US$313.84 billion, while imports rose 1.6 percent to US$274.23 billion, according to MOF statistics released here the other day.

In December alone, the country’s exports fell 2.8 percent from a year earlier to US$25.65 billion, and imports slumped 12.3 percent year-on-year to US$21.2 billion, the figures showed.

Taiwan had a trade surplus of US$39.61 billion in 2014, an increase of US$4.06 billion from the previous year, helped by a trade surplus of US$4.45 billion in December, which was about twice the amount seen a year earlier.

Exports hit a new record primarily because of robust demand for electronic products, the MOF said. Electronics exports accounted for 31.9 percent of the country’s exports and totaled US$99.99 billion in 2014, up 13.5 percent for the year, according to the figures.

China continued to be Taiwan’s largest export market in 2014, with 39.7 percent of the country’s worldwide exports going there. Exports to China rose 2.9 percent last year to US$124.69 billion.

Taiwan’s next biggest market was the six biggest markets in the Association of Southeast Asian Nations, which accounted for 18.7 percent of Taiwan’s exports.