Taiwanese companies sold more than $40 billion worth of goods in a month for the first time, as global demand for semiconductors, gadgets and metals continued to grow.
Overseas shipments rose 24.6% year on year in October to a record $40.1 billion, data from the Ministry of Finance show, slightly less than the median estimate in a survey of economists. Imports rose 37.2% to $34 billion as the trade balance narrowed to $6.1 billion.
Strong demand for new technologies, the onset of the peak holiday buying season and increased raw material prices were the main factors behind the increase, according to a statement from the finance ministry.
“October’s export growth was better than we forecast due to price hikes of raw materials, which offset the drag from electronic components due to high base effect,” Winston Chiao, an economist at Taishin Securities Investment Advisory Co., said in a telephone interview. “Monthly exports of over $40 billion will be no surprise going forward as the global economy recovers and grows, driving demand and prices higher.”
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