Summary of Trends in International Trade for May 2022

2022-06-16

Wheat prices rose: The average price of wheat in May 2022 was 1,141.42 cents per buck, up 7.03% from the previous month. The weather problems in many major wheat-producing countries, and the ongoing conflict between Russia and Ukraine, it is difficult to fill the global supply gap, exacerbating the worry of tight wheat supply.

Taiwan’s exports in April 2022 reached US$41.46 billion, with an annual growth rate of 18.8%. Due to the continued booming demand for technological innovation applications and business opportunities of digital transformation, coupled with the effects of the Russian-Ukrainian conflict, the price level of base metals and other raw materials market remained high, supporting Taiwan’s export continued to expand.

The imports amounted to US$36.55 billion in April 2022, with an annual growth rate of 26.7%. Due to the increase demand for related capital equipment in the semiconductor industry, the export-derived demand continued to strengthen, the prices of international raw material market remained high, and import for final demand increased, all pushed up the imports growth.

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

Taiwan's exports in April 2022 to our major trading partners (China, ASEAN, US, Japan, and EU), EU reached the highest increase, at 27.8%, followed by exports to US, the ASEAN, China and Japan, with 26.6%, 18.5%, 12.3% and 5.7%, respectively. Among them, exports to ASEAN hit the second highest record in a single month over the years, and to Japan and the EU also reached  the third highest record in a single month over the past years.

In terms of imports, in April 2022, Taiwan's imports from our major trading partners (China, ASEAN, US, Japan, and EU) showed the highest growth from EU, at 37.0%, followed by 35.3% from ASEAN, 19.5% from US, 16.8% from Japan, and 9.6% from China, respectively.

Of the top 10 exports in April 2022, the export value of electrical machinery equipment and parts (HS85) was the highest at US$21.00 billion, followed by mechanical appliances and parts (HS84) at US$5.24 billion. In terms of the rate of change, mineral products (HS27) showed the strongest growth with an annual increase of 64.0%, followed by iron and steel (HS72) with an annual growth of 36.5%. The main reason was the prices of international raw material continued stayed at high level.

Of the top 10 imports in April 2022, the import value of electrical machinery equipment and parts (HS85) was the highest at US$10.95 billion, followed by mineral products (HS27) at US$6.02 billion. In terms of the rate of change, pharmaceutical products (HS30) increased with the highest growth rate by 113.3%, mainly due to the sharp increase in imports demand for antiviral drugs. Followed by mineral products (HS27), which increased by 65.5%. The main reason was the prices of international raw material continued to rise.

CTR:82