Taiwan Trade Surplus Grows Sharply In August

(RTTNews) - Taiwan's foreign trade surplus increased markedly in August from a year ago as imports fell much faster than exports, preliminary figures from the Ministry of Finance revealed on Friday.

The trade surplus climbed to $8.59 billion in August from $2.99 billion in the corresponding month last year. The surplus also grew from $8.47 billion in July.

Exports fell 7.3 percent year-over-year in August, which was slower than the 10.4 percent plunge in the prior month. Economists had forecast an 8.05 percent fall.

Shipments of base metals and related articles declined the most, by 16.8 percent annually in August, and those of plastics and rubber and related articles of base metal slid by 12.9 percent.

Machinery exports decreased 9.6 percent over the year, while outflows of information, communication, and audio-video products showed sharp growth of 43.1 percent.

Imports plummeted 22.9 percent annually in August after a 20.9 percent slump in July. That was faster than the expected decrease of 16.3 percent.