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1st LD-Writethru: Taiwan's exports surge in October

Xinhua, November 7, 2016 Adjust font size:

Taiwan's exports increased at the fastest pace in more than two years as overseas markets showed solid demand for electronic products ahead of the year-end shopping season.

The island's financial authority said on Monday that exports jumped 9.4 percent in October from a year ago and 18.6 percent from a month ago to 26.8 billion U.S. dollars.

The authority attributed the rise to strong overseas demand for semiconductor products, extended working days in October and delayed shipments due to September's typhoon.

In the first ten months, exports declined 4.5 percent from the same period a year ago to 229 billion U.S. dollars.

In October, imports rose 19.5 percent from a year ago and 23 percent from a month ago to 22.4 billion U.S. dollars.

It was the biggest increase since February 2013.

In the first ten months, imports fell 4.7 percent from the same period a year ago to 189 billion U.S. dollars.

In October, the trade surplus shrank by 1.36 billion U.S. dollars to 4.38 billion U.S. dollars.

In the first ten months, the trade surplus decreased 1.5 billion U.S. dollars to 40.33 billion U.S. dollars.

Taiwan's economy has just emerged from a recession and grew at an annual rate of 2.06 percent in the third quarter from a year ago, on the back of solid growth of internal consumption and recovering demand for electronic exports from outside the island.

The record sales of iPhone 7 models boosted the island's electronic exports. The smartphone's major components are manufactured by Taiwan's tech supply chain.

Analysts estimate Taiwan's exports will continue to climb in the fourth quarter as the holiday season demand for electronic gadgets remains on track. Endi