Taiwan expects elevated trade to continue through to 2023

Taiwan is set to reap the rewards of the post-pandemic rebound in global trade and U.S. efforts to reduce economic ties with China all through next year, according to an official in Taipei. 

Overseas shipments of over $30 billion each month will be the “new normal,” the finance ministry’s chief statistician Beatrice Tsai told reporters at a briefing announcing August trade data. Exports have topped that level 12 of the last 13 months. 

Tsai’s comments came after Taiwan added to signs global trade is roaring back, with both exports and imports surging to record highs last month. 

Exports rose 26.9% in August from a year earlier to $39.6 billion, according to a statement from Taiwan’s Ministry of Finance Tuesday. Imports meanwhile jumped 46.3% to $36.1 billion, narrowing the trade surplus to $3.5 billion, the smallest margin since April 2020.

Ministry officials see this month’s shipments growing between 23% and 27% to between $37.8 billion and $39 billion. 

The strong result confirmed similar signals from China. Earlier Tuesday, officials there reported an unexpected surge in overseas shipments, likely fueled by suppliers increasing orders ahead of the year-end shopping season. 

China’s exports rose 25.6% in dollar terms from a year earlier to a record $294.3 billion, while imports grew 33.1% to $236 billion, also the highest level ever, according to the customs administration.