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Subject: Summary of Trends in Internati...
Content: Summary of Trends in International Trade for August 20212021.8.31 According to the forecast released...

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Summary of Trends in International Trade for August 2021

Source:Bureau of Foreign Trade, Ministry of Economic Affairs
Revise Date:2021-08-30

Summary of Trends in International Trade for August 2021



According to the forecast released by IHS Markit (IHS) on August 18, 2021, the global economy will grow by 5.7% in 2021. Due to the spread of the Delta variant virus in Southeast Asia and India and the lag of vaccination distribution, global economic growth momentum may subsequently slow down.

In July 2021, Taiwan’s economy continued to show a red signal and the Coincident Indicators continued to fall. However, the Purchasing Managers Index expanded, while manufacturing and export orders continued to increase due to the steady recovery of the global economy and the terminal demand, coupled with the continued demand for emerging technology applications and ongoing remote business opportunities, which support the momentum of production growth in various industries. However, the Leading Indicators continued to fall slightly, while the outlook for manufacturing and purchasing managers over the next six months signals expansion, which deserve close observation on follow-up developments.

Taiwan’s export orders in July 2021 amounted to US$55.30 billion, for an increase of US$9.73 billion or 21.4% over the same period in 2020. This was mainly because of the global economic recovery, strong demand for products with technological applications and traditional industrial products, as well as the high price levels in international raw material markets, which drove the overall increase in orders for major products.

In July 2021, total trade value reached US$70.01 billion, for an increase of 37.5% over the same period last year. Of this, exports totaled US$37.95 billion, for a year-on-year increase of 34.7%, while imports totaled US$32.05 billion, for a year-on-year increase of 41.0%. Given the drive for global economic recovery, emerging technology applications, and remote business opportunities, along with the rising prices of international raw materials, Taiwan's exports reached their highest scale in a single month compared to past year.

Observations on the trade performance of Taiwan and its major trading partners:

Taiwan's exports in July 2021 to its major trading partners (mainland China, the ASEAN 10, the US, the EU, and Japan) grew across the board. The increase in exports to the EU was the highest, at 67.1%, followed by exports to Japan, at 45.5%. Exports to the ASEAN 10, the US and mainland China rose by 43.3%, 28.0% and 22.3%, respectively.

Taiwan's imports from its major trading partners (mainland China, Japan, the EU, the ASEAN 10, and the US) in July 2021 were driven by the price of international raw materials and increasing demand for capital equipment. The highest increases in imports came from the U.S. at 45.8%, followed by imports from the EU, the ASEAN 10, mainland China and Japan, which increased by 37.4%, 33.9%, 31.7% and 24.5%, respectively.

Of the top 10 exports in July 2021, electrical machinery equipment and parts (HS85) grew by US$4.54 billion year-on-year for the most outstanding performance. This was attributed to the continuing surge in demand for technology-related products.

Published Date:2021-08-30