Taiwan Trade Balance, June 2022

Merchandise exports jumped 15.2% from the same month last year in June, following a 12.5% ​​rise in May. The year-on-year increase was driven by increased exports of electronics, non-ferrous metals, machinery and IT. Meanwhile, merchandise imports jumped 19.2% in June from the same month last year (May: +26.7% y/y), the weakest performance since February 2021. The year-on-year increase was mainly due to an increase in merchandise imports on the back of rising prices.

As a result, the merchandise trade balance improved from the previous month, posting a $4.6 billion surplus in June (May 2022: $2.4 billion surplus; June 2021: $5.1 billion surplus). Finally, the trend worsened, with the 12-month rolling merchandise trade balance posting a $61.2 billion surplus in June compared to a $61.7 billion surplus in May. Export orders, which typically outpace actual exports by two to three months, rose 6.0% in May, the latest month for which data is available.

FocusEconomics experts predict exports and imports to grow by 11.4% and 13.5% respectively in 2022, resulting in a trade surplus of $64.4 billion. Our group expects exports and imports to grow by 6.4% and 4.2% respectively in 2023, with a trade surplus of US$77.9 billion.