Taiwan's export growth eased markedly in March with demand from Japan falling in the aftermath of last month's massive earthquake and tsunami.
Exports grew 16.7 percent year-on-year in March, slower than the 27.3 percent increase in February, the Ministry of Finance said Monday. Total exports amounted to $27.2 billion.
Imports also grew at a pace of 16.7 percent annually to $25.4 billion, but was weaker than February's 28.7 percent rise. The trade balance resulted in a surplus of $1.77 billion during the month, higher than $922.2 million posted in the previous month.
Electronic products topped the list of major export commodities with total shipments of $7.02 billion. This was 11.4 percent higher than a year earlier.
During the month, exports to quake-hit Japan fell 2.5 percent annually, but shipments to China, the U.S and Europe continued to expand.
Exports to mainland China and Hong Kong combined increased 9.6 percent annually during the month, while shipments to the U.S jumped 21.3 percent. Imports from Japan recorded a meager 1 percent rise from last year.
For the first three months of the year, the trade balance posted a surplus of $4.57 billion, which was 7.2 percent below the amount registered a year earlier. Exports rose 19.5 percent during the period, while imports grew 21.8 percent.
Exports broke out of the $22-$24 billion range they had been in since March 2010 earlier this year and, barring the Chinese New Year-related dip in February, they remain above that range, ING Bank economist Prakash Sakpal said in a note ahead of the release of the data.
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