Taiwan's exports rise for 4th straight month in February

Taipei, March 8 (CNA) Taiwan on Friday reported a fourth straight month of year-on-year export growth in February, with outbound sales rising by 1.3 percent from a year earlier to US$31.43 billion, the second highest ever for the month, according to the Ministry of Finance (MOF).

The surge was partly a result of solid demand for information technology and audio-visual products, which reached US$8.51 billion in February, double the level of the previous year and an all-time-high for the month, the ministry said in a press release.

Nevertheless, the ministry noted that many other industries faced a drop in exports compared to the previous year, partly as a result of the reduced number of working days in February due to the Lunar New Year holiday period.

Sectors that faced a year-on-year decline in February export included electronic components and chemicals, with drops by US$1.35 billion (-10.4%) and US$470 million (-26.4%), respectively, MOF data showed.

Meanwhile, exports for the first two months of the year totaled US$68.62 billion, the second-highest level ever for the period, according to Beatrice Tsai (蔡美娜), director-general of the MOF's Department of Statistics.

With a year-on-year increase of 9.7 percent, the two-month figure surpassed the growth rate in the previous fourth quarter, which is an indication of "clearer economic recovery led by demand for AI applications," she said.

According to the MOF, the imports in February totaled US$23.55 billion, reflecting a year-on-year decrease of 17.8 percent.