Taiwan's exports in 2021 totaled US$446.5 billion, a 29.4% growth year-on-year, while the momentum of growth is expected to continue through Q122, the government has said.

Taiwan's Ministry of Finance on February 11 released its latest monthly report on domestic exports. Exports in January totaled US$39.98 billion, up 16.7% relative to the same month of 2020. The bulk (39.3%) were exports to China and Hong Kong that totalled nearly US$15.7 billion, the ministry's data showed.

Taiwan's exports are affected by the interplay of different dynamics in global economy, including China-US trade and technology rivalry and COVID-19 outbreaks. Given the close interactions of electronics supply chains on both sides of the Taiwan Strait, Taiwan's exports to China and Hong Kong have climbed for several consecutive years.

Among Taiwan's top 30 exporters, 17 are electronics component manufacturers or IC retailers, the ministry's data showed.

Taiwan's 48,000 exporters earned an average US$9.07 million from China and Hong Kong, the highest among their five major markets (the other four being ASEAN, US, Europe, and Japan). In terms of their main goods, electronics component exporters in 2021 earned an average of nearly US$37 million, the highest among all sectors, while machines exporters - who are mostly SMEs - earned an average of US$1.6 million.

The steady recovery of the global economy is sustaining the demand for new technology applications and digital transformation, while raw materials prices remain at high levels. In January 2022, Taiwan's exports revenues gained US$5.72 billion, up 16.7% relative to the same month of last year.

In the segment of electronic components, IC sales swelled US$2.5 billion, a growth of 20.9% relative to the same month of 2021, PCB sales expanded US$80 million, rising 15.6%, and diodes sales grew US$30 million, up 10.1%.

Information, communications, and audiovisual product sales gained US$650 million, rising 14.3%. Among them, computer components rose 43.1%, or US$500 million; switches and routers rose 26.8%, or US$130 million, while computers and associated peripherals grew 11.4%, or US$100 million. Among exported machines, semiconductor equipment grew 46.6%, or US$170 million.

Looking to the future, the ministry expected Taiwan's exports in Q122 to sustain double-digit growth.

Despite some uncertainties caused by the ongoing pandemic, US-China trade competition, and supply chain bottlenecks, major countries are proceeding with their infrastructure projects amid positive outlooks for consumption and emerging business opportunities, the ministry said.

Several foreign agencies have also forecasted that the global economy in 2022 will continue to grow from the high base period of 2021. Meanwhile, Taiwanese firms are actively installing new production lines, and the semiconductor industry enjoys the edge of possessing advanced manufacturing processes and capacity, the ministry said.

By DIGITIMES