In December, the foreign trade surplus in Taiwan dropped significantly after the country’s import growth exceeded exports, a preliminary figure revealed by the Ministry of Finance on Thursday.
December saw a trade surplus slump to $6.06 billion from $11.15 in the same month a year earlier. The surplus also fell from November’s $7.92 billion. The surplus in December was expected to be at $8.51 billion.
Exports in December grew 9.25% year-over-year, though a slight decrease from its prior month’s 9.7%, it still blew the economists’ forecast of 6.5% growth.
Imports of information, communication, and audio-video products rose 16.0%, and electronic products saw an 8.6% gain.
Overall imports surge 30.4% annually in December following a bold climb in November. The number has shattered economist expectations of 15.1%.
On the other hand, exports in 2024 only grew 9.9%, while total imports jumped 12.2% compared to the previous year. The trade balance was favorable at $80.61 billion.
