Taiwan's export growth brisker in October

Nov 8, 2010, 11:16 GMT

Taipei - Taiwan's exports rose for the 12th consecutive month in October, moving at a faster pace at 21.9 per cent year-on-year, compared with September's 17.5 per cent, the Finance Ministry said Monday.

The ministry attributed the strengthening of global demand - especially from China - for electronic and telecommunication products as the major reason for the faster growth last month.

Compared with the same month last year, exports increased 4.35 billion US dollars in October to 24.19 billion US dollars, the ministry said.

Imports rose 27.9 per cent year-on-year in October to 21.21 billion US dollars, also up from the 25-per-cent year-on-year increase recorded in September, as local firms needed more raw materials and components for manufacturing, it said.

China remained Taiwan's biggest market, accounting for 40.1 per cent of its total exports, buying goods worth 9.71 billion US dollars.

In second place was a bloc of six countries from the Association of South-East Asian Nations - Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. They bought combined goods worth 3.66 billion dollars, or 15.1 per cent of the total, followed by the United States at 11.9 per cent and Europe with 11.1 per cent.

Taiwan, with few natural resources, relies mainly on exports to drive its economy. It produces electronics and electrical products, metals, textiles, plastics, chemicals and car parts.

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