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Taiwan’s commerce surplus ought to hit a brand new excessive above US$70 billion this yr, largely due to ongoing strong world demand for semiconductors, the Ministry of Finance stated on Tuesday.
Taiwan’s largest commerce surplus thus far was recorded final yr at US$64.9 billion from development within the digital element trade, together with semiconductor suppliers, the ministry stated in a report.
The uptrend seen within the trade is anticipated to proceed this yr and push the commerce surplus to a different new excessive, the ministry stated.
Photograph: CNA
The significance of that product class was seen in Taiwan’s general commerce final yr with China, together with Hong Kong.
China has been Taiwan’s largest export market and its largest import supply since 2013. Taiwan’s commerce surplus with the Chinese language market has surged prior to now few years, reaching a excessive of US$104.7 billion final yr, the ministry stated.
On condition that many Taiwanese electronics firms have operations in China, the excess in digital elements totaled US$79.4 billion final yr, accounting for about 76 % of the whole.
Supporting the robust exhibiting has been an effort by main Taiwanese semiconductor firms to localize the availability chain, which has bolstered Taiwan’s place within the world market, the ministry stated.
Taiwan’s second-largest commerce surplus final yr was with the US, totaling a file US$26.5 billion, as commerce tensions between Washington and Beijing prompted US consumers to shift their orders to Taiwanese exporters, it stated.
The US was the biggest supply of Taiwan’s commerce surplus in info and communications expertise, in addition to audio and video gadgets, the ministry stated.
The surpluses with China and the US replicate Taiwan’s complete semiconductor sector and power in expertise growth, the report stated, including that China and the US are more likely to stay the 2 prime sources of Taiwan’s commerce surplus this yr.
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