business

Taiwan’s exports to mainland hit new high in 2020

TAIPEI, Jan. 9 (Xinhua) — Taiwan’s exports to the mainland and Hong Kong totaled 151.45 billion U.S. dollars in 2020, the highest ever, according to the island’s finance authority.

The figure meant a 14.6-percent increase over that of 2019 and accounted for 43.9 percent of Taiwan’s total exports in 2020, it said in a press release on Friday.

In December alone, the island’s exports to the mainland and Hong Kong stood at 14.72 billion U.S. dollars, setting a monthly record, and up by 20.5 percent year on year, it said.

The number accounted for 44.6 percent of Taiwan’s total exports in December.

The island’s imports from the mainland and Hong Kong in 2020 increased by 10.8 percent year on year to 64.78 billion U.S. dollars.

In December, the island’s imports from the mainland and Hong Kong increased by 16.7 percent year on year to 6.36 billion U.S. dollars.

Taiwan’s total exports in 2020 reached 345.28 billion U.S. dollars, up by 4.9 percent over that of 2019. Its total imports climbed by 0.3 percent year on year to 286.49 billion U.S. dollars.

The island saw a trade surplus of 58.79 billion U.S. dollars, while its trade surplus with the mainland and Hong Kong totaled 86.67 billion.

The authority attributed the increase of exports in December to the booming new technology industry, the New Year shopping season, and the gradual recovery of traditional export goods.

Although a global economic recovery may be held back by the lingering COVID-19 pandemic, the island’s exports in the first quarter of 2021 would probably maintain stable growth. It would be due to the Spring Festival shopping season in the mainland market and the continued demand for new communication and computer technologies, it said.

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