Source: Taiwantrade | Updated: 31 August 2011
Citing the results of recent research, TAITRA officials said Taiwan's export growth in the second half of this year is cause for concern as the European and U.S. debt crises spread and as the currency of South Korea -- Taiwan's major export competitor -- extends its major losses. Luckily however, the officials went on, Taiwan's exports in the first seven months of the year surged 17 percent from the same period of last year, despite the lack of economic expansion in Japan, the introduction of monetary tightening measures in China, and the uncertain economic prospects caused by the European and U.S. debt crises.
The officials said the growth momentum in that period came from both the developed countries such as the U.S. and Britain, and emerging countries such as Saudi Arabia, Russia and countries in the Association of Southeast Asian Nations. Taiwan's exports to emerging markets increased by as much as 27.1 percent in the first seven months, the officials went on, adding that Taiwan's exports to emerging markets accounted for 25.8 percent of the country's total exports in the period, surpassing its 23.9 percent share in 2010.
Increasing industrial demand and the rise of the middle class in the emerging countries have created tremendous spending power, the officials pointed out. Limited impact on Taiwan's exports of smartphones, tablet computers and solar cells to the U.S. and Europe have also contributed to the country's export growth in the seven-month period, they said. (By Lin Shu-yuan and Christie Chen)