2010.08.0905:17:00UTC+00Taiwan's Exports Continue To Grow In July

Taiwan's exports grew for the ninth consecutive month in July, with the growth accelerating from June, data released by the Ministry of Finance showed Monday.

Exports grew 38.5% year-on-year following 34.1% increase in June. That was much better than the expected increase of 31%. Imports outpaced export growth by rising 42.7%. It followed 40.4% growth in June.

Total exports amounted to US$23.90 billion and imports totaled US$21.74 billion. Hence, the trade balance was a surplus of US$2.16 billion. It was US$1.40 billion surplus in June. Economists had forecast US$1.35 billion surplus.

Exports of electronic products amounted to US$6.71 billion by trade value, up by 35.3% over the same month of last year. Those of basic metals and articles thereof amounted to US$2.17 billion, an increase of 38.8%. overseas sales of optical and photographic instruments increased 62.4% to US$2.12 billion.

Taiwan's economy relies heavily on the export sector. Official figures have shown that during the first quarter, the economy registered double-digit growth on the back of strong exports. The gross domestic product increased 13.3% year-over-year in the March quarter, faster than 9.1% expansion in the prior quarter, bolstered by a 42.2% jump in exports during the period.

Copyright(c) 2010 News.com, Inc. All Rights Reserved