Oct. Export Data Continues Positive Growth Trend: Finance Ministry

October's export figures made monthly records, reaching a yearly 11.2%-growth at USD$32.23 billion, reported statistics from the Finance Ministry.

The Finance Ministry named three factors buoying October's good performance: digitalization of individual businesses, Apple's new iPhone launch, the nearing year-end shopping season, and businesses re-stocking inventory as the global economy begins to reopen. Ministry officials are optimistic that November exports could hit yearly growth of 5% to 8%.

October was originally forecasted to perform weaker compared to previous months, as there are more holiday breaks.

Ministry data showed that it had also ushered in new emerging technologies despite the outbreak hampering global trade. A bounceback followed a brief slump in Q2 in August, September, and October. Exports in electronic parts, communication and auditory products, and exports towards the U.S., China, and Hong Kong all hit record-high numbers.

Whether the U.S. elections will impact Taiwan's export trends, the Finance Ministry pointed out the uncertainty, especially with the pandemic worsening over the winter season. Companies might increase orders to ensure stable inventory, or imposed lockdowns could restrict economic activity.

Aside from yearly declines in minerals (61.3%) and textiles (6.9%) in October's export data, the remaining categories all saw positive growth, with chemicals, basic metals, and machinery products moving from negative to positive growth.