Taiwan's May exports surge, COVID-19 may cloud outlook

Taiwan's exports rose for an 11th straight month in May, and far exceeded expectations, boosted by global demand for microchips and hi-tech gadgets in the work-from-home pandemic boom, but the island's own COVID-19 spike could cloud the outlook. Exports rose 38.6per cent from a year earlier to US$37.41 billion last month, the Ministry of Finance said on Tuesday, setting a new historical high in value terms for a single month.

FILE PHOTO: A coast guard ship sails at the Port of Taipei in Taipei, Taiwan February 9, 2021. REUTERS/Ann WangTAIPEI: Taiwan's exports rose for an 11th straight month in May, and far exceeded expectations, boosted by global demand for microchips and hi-tech gadgets in the work-from-home pandemic boom, but the island's own COVID-19 spike could cloud the outlook. Exports rose 38.6per cent from a year earlier to US$37.

However, it said global economic fundamentals continue to improve, and that Taiwan's semiconductor industry stands to gain from demand for 5G and other high-tech products.The ministry added that assuming coronavirus cases do not start affecting production domestically, which has not happened in a significant way so far, exports in the second quarter could exceed US$100 billion. May exports to China, Taiwan's largest trading partner, jumped an annual 29.5per cent to US$15.

The government has remained bullish about Taiwan's prospects even with the pandemic at home. Taiwan's economy will grow at its fastest pace in more than a decade in 2021, the statistics office predicted last week.

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