According to preliminary data disclosed by the Ministry of Finance on Thursday, Taiwan witnessed a significant reduction in its foreign trade surplus in December due to imports outpacing exports.
The trade surplus contracted to $6.08 billion in December, a marked decrease from $11.15 billion in the same month last year, and a decline from $7.92 billion in November. Analysts had anticipated a surplus of $8.51 billion.
Exports in December increased by 9.2 percent compared to the previous year, a slight deceleration from the 9.7 percent growth observed in November. This outpaced economists' projections of a 6.5 percent increase.
Specifically, shipments of information, communication, and audio-video products experienced a 16.0 percent rise, while electronic product exports went up by 8.6 percent.
On the other hand, imports surged by 30.4 percent in December, significantly higher than the 19.8 percent increase recorded in November and surpassing economists' expectations of a 15.1 percent rise.
For the year 2024, total exports showed a 9.9 percent growth, while total imports increased by 12.2 percent compared to 2023. The trade balance remained favorable, totaling $80.61 billion.
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