Growth in export orders hits 16-year high in 2004

February 14, 2005

Taiwan's export orders for December hit USD 19.8 billion, their second highest single-month level ever, as the nation's exporters benefited from the warming of the global economy and a strong recovery of demand in overseas markets. This export value marks an increase of USD 4.08 billion, or 25.97%, over export orders for December 2003. Among the categories of products exported from Taiwan, orders for electronics saw the highest growth in December, while those for information technology and telecommunications products and basic metal products had the second and third highest growth rates.

The value of export orders for all of 2004 expanded by USD 4.506 billion on the year to USD 215.09 billion. This on-year growth rate of 26.50% is the highest recorded since 1988. When calculated in NT dollars, last year's on-year growth rate is 22.92%.

Despite the impact of such negative factors as China's macroeconomic management efforts, skyrocketing global oil prices, rising interest rates and instability in the Middle East, the general upturn in the world economy helped Taiwan's exports to each export region grow by at least 20% in 2004. Taiwan's exports to Asia experienced the highest growth of any region in 2004, increasing 27.18% on the year to USD 22.66 billion.

Information technology and telecommunications products and electronics remained Taiwan's two most important product categories for exports in 2004. Notably, the export value of basic metal products exceeded USD 20 billion for the first time, whereas Taiwan's exports of plastic and rubber products, textiles, and machinery and precision instruments each surpassed USD 10 billion.

The United States continued in its role as Taiwan's most important source of export orders in 2004 due to persistent US efforts to stimulate its economy. Taiwan's overseas orders from the US grew by USD 13.08 billion, or 27.12%, on the year compared to 2003. Orders from Hongkong (including China) increased USD 10.8 billion, or 28.13%, on the year as demand in China's market continued to expand. Europe, owing to its stable economic growth and the efforts of Taiwanese enterprises to expand their European export markets, saw its export orders in Taiwan expand by USD 8.01 billion, or 30.70%, on the year last year. Export orders from Japan climbed USD 3.71 billion, or 20.68%, on the year as domestic demand increased there.

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