Taiwan's exports up slightly in Jan. amid overseas demand drop

Taipei, Feb. 11, 2003 (CENS)--Taiwan's exports in January rose just 4% on year to US$10.07 billion as outbound shipments to the island's major trading partners, including the U.S., Hong Kong and Europe declined, the government said yesterday.

The 4% rise in January compared with a 13.5% year-on-year growth recorded in December 2002, when the island's exports totaled US$11.65 billion, the Ministry of Finance said.

Imports in January rose 29.1% from a year earlier to US$9.5 billion, speeding up from December's 16.9%.

The ministry said the January trade surplus fell 75.5% from a year ago to US$571.3 million, narrowing from US$1.71 billion in December.

In January, exports to the U.S. fell 5.7% to US$1.93 billion from a year earlier, while those to Hong Kong declined 4.25% to US$2.27 billion. Outbound goods to Europe and Japan fell 6.2% and 6%, respectively, on year.

Imports managed to score a high growth rate in January in part due to a 117% increase in imports of crude oil amid fears of a U.S.-led war with Iraq, the ministry said

Imports of steel and iron products and plastics raw materials rose 122.9% and 100%, respectively, from a year earlier in January.

Among key export categories, outbound shipments of electric machinery and electrical equipment fell 1.4% on year to US$5.23 billion, while exports of electronics products rose 9.7% to US$2.03 billion, it said.