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Bloomberg
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, 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 spill-over effect to the underlying economy,†Barclays Bank Plc economist Angela Hsieh said. “We have seen encouraging signs of improved wage growth, especially for the manufacturing sector.â€
Taiwan’s exports have soared all year in 2021 and hit a monthly record in November. The central bank expects both exports and private investment to continue to increase moderately in 2022.