December export growth rate hits 14-year high
Updated: 2010-01-08 07:40
(HK Edition)
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TAIPEI: Taiwan's exports climbed the most in more than 14 years in December as the global recovery fueled demand for computers, mobile phones and television screens.
Shipments abroad gained 46.9 percent from a year earlier, the fastest pace since February 1995, the "Ministry of Finance" said in Taipei yesterday. The median estimate of seven economists surveyed by Bloomberg was for a 45.2 percent gain. Imports rose 56.2 percent for a trade surplus of $1.65 billion.
The second monthly increase in overseas sales, which make up more than half of the economy, adds to signs that Taiwan is emerging from its worst recession. Even so, the figure may overstate the strength of the revival because exports tumbled 42 percent in December 2008 amid the global financial crisis.
"A low comparison base was the main reason for the increase", said Alan Liao, an economist at Chinatrust Commercial Bank in Taipei. A steady expansion of the global economy also helped boost demand for Taiwan's exports.
Increasing demand for electronics prompted Powerchip Semiconductor Corp to post its first profit in 11 quarters and Quanta Computer Inc to forecast rising shipments this year. Companies including Taiwan Semiconductor Manufacturing Co, the island's biggest company by market value, and AU Optronics Corp plan to increase capital spending this year.
Yesterday's figures were released after the close of trading on the stock exchange. The Taiex index fell 1.1 percent to close at 8,237.42. The Taiwan dollar was little changed at NT$31.877 versus the US dollar as of 16:00 hours local time, from NT$31.875 Wednesday, according to Taipei Forex Inc.
Exports to the mainland, Taiwan's biggest overseas market, almost doubled, climbing 96.7 percent from a year earlier. That compared with a 56 percent increase in November. Shipments to the US rose four percent, after dropping 5.8 percent in November, the ministry said. Sales to Europe rose 22.5 percent, accelerating from an increase of 3.9 percent.
Taiwan leader Ma Ying-jeou said in his New Year's Day speech on January 1 that it's important for Taiwan's economy to take off again this year.
"Economics Affairs Minister" Shih Yen-shiang said last month that Taiwan hopes to sign a trade accord with the mainland in the first half as it seeks to reduce import duties to the world's fastest-growing major economy.
Powerchip, a maker of computer-memory chips, said this week it returned to profitability last quarter after posting a fourfold increase in December sales to NT$5.5 billion, the highest monthly revenue for the year.
Quanta, whose clients include Apple Inc and Hewlett-Packard Co, expects laptop shipments to rise 40 percent to 50 million this year. AU Optronics, Taiwan's biggest maker of TV screens, is also seeking to expand production this year through acquisitions or construction of facilities.
Exports of electronic products including semiconductors rose 72 percent last month after increasing 34.1 percent in November, yesterday's report showed. Shipments of information technology and communication products, including mobile phones, rose 15.9 percent, compared with November's gain of 16.3 percent.
China Daily/Bloomberg News
(HK Edition 01/08/2010 page2)