Taiwan exports extended their double-digit growth for a tenth month, with shipments from the island in 2021 smashing all records due to soaring demand for technology products and components.
Overseas shipments in December grew 23.4% from a year earlier to $40.7 billion (¥4.7 trillion), according to a statement from Taiwan’s Ministry of Finance Friday. Exports in 2021 were a record $446.5 billion — more than $100 billion higher than in 2020. Imports gained 28.1% in December, with the trade surplus widening to $5.8 billion.
"The impressive trade performance will have a positive spillover effect to the underlying economy,” Barclays Bank PLC economist Angela Hsieh said ahead of Friday’s release. "We have seen encouraging signs of improved wage growth, especially for the manufacturing sector.”