Taiwan’s exports to India soar - But trade with the US continues to decline

By Jayant Mishra @ Tuesday, July 08, 2008 9:37 AM

Section - Business/Financials

A report released by the Taiwanese Ministry of Finance has revealed a 21.3 per cent year-on-year growth in Taiwanese exports. Exports to India in June soared by 114.7 per cent compared to May, reported the Taipei Times.

The growth is fuelled by demands from China and other emerging markets in Asia. However, trade with the US continued to decline, with exports to the US dipping 2.6 per cent last month after sliding 3.6 per cent a month earlier.

Deputy director of the ministry’s Department of Statistics, Hsu Ray-lin, said: “The export volume hit $24.3 billion last month, the highest monthly showing in history”. Imports accelerated at a quicker pace - 22.5 per cent last month, amounting to $22.86 billion in the same period, leaving a trade surplus of US$1.49 billion, up 4.9 per cent from a year earlier.

Kevin Hsiao, a financial analyst at the Taipei branch of UBS, said: “It would be more difficult for Taiwan to show a strong performance in the coming months, as inflation could dampen consumer spending and corporate profit margins.” X