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Export +1.3% y/y vs +1.1% forecast in Reuters poll
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Exports to China -16.7% y/y (prior month +17.2%)
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Gov't sees exports in March up 9% to 13% y/y
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Gov't sees Q1 exports growth 9.5% - 10.9 y/y
(Recasts, adds details throughout)
By Jeanny Kao and Faith Hung
TAIPEI, March 8 (Reuters) - Taiwan's February exports
slowed after growing at its fastest pace in almost two years,
reflective of a seasonal ebb in demand and a pause in
productivity for the Lunar New Year holidays.
Exports rose 1.3% from a year earlier to a value of $31.43
billion, the finance ministry said on Friday, compared with 1.1%
growth forecast in a Reuters poll and a precipitous drop from an
18.1% gain in January.
"Overall exports slowed as there were fewer working days due
to the new year holidays," the ministry said. "Even so, February
exports jumped by $390 million on year as demand for new
applications such as AI and high-performance computing has
continued to grow."
While the island's exports typically wane with the Lunar
New Year, the seasonal slowdown hinders a recovery that had only
just begun in late 2023 after a decline that persisted for more
than a year.
The week-long Lunar New Year holiday this year took place in
February.
Looking ahead, the ministry forecasts exports would rise
between 9% and 13% in March on year, adding that first-quarter
exports would grow between 9.5% and 10.9% on year.
Weak global demand weighed on Taiwan last year with the
export-driven economy growing at its slowest pace in 14 years.
Taiwanese firms such as TSMC , the world's
largest contract chipmaker, are major suppliers to Apple ( AAPL )
, Nvidia ( NVDA ) and other global tech giants, while
also providing chips for auto companies and lower-end consumer
goods.
In February, Taiwan's total shipments of electronic
components fell 10.4% from a year earlier to $11.59 billion,
with semiconductor exports down 9.9%.
Exports to the United States jumped 50.5%, versus 56.6%
growth in January.
Exports to China in February slumped 16.7% from a year
earlier to $9.166 billion, as demand shrank after the prior
month's gain of 17.2%.
Taiwan's imports, often seen as a leading indicator of
re-exports of finished products, shed 17.8% to $23.55 billion in
February. That compared with economists' forecasts for a 2.5%
dip.