Taiwan reports trade deficit for March

Taiwan reports trade deficit for March

Taiwan reported a trade deficit of NT$12.3 billion (around $390 million) in March against a surplus of NT$28.3 billion (around $899 million) in February, according to data released by Taiwan's Ministry of Finance. Taiwan's exports rose 6.9% year on year to NT$497.72 billion (around $15.78 billion) in March. Imports increased 14.9% to NT$510.02 billion (around $16.17 billion). The ministry indicates that the trade deficit mainly grew because of a 25.6% fall in exports of information and communication products and a 15% rise in imports of crude oil, machinery, steel and chemicals. Taiwan's exports rose 7.8% year on year to NT$1.35 trillion (around $42.85 billion) in the first three months of 2005. Imports rose 12.6% year on year to NT$1.34 trillion (around $42.56 billion) in the first three months, reflecting a trade surplus of NT$9.21 billion (around $292 million). Taiwan's total exports to Hong Kong and China amounted to $5.86 billion in March, an increase of 11.3%. Exports to the US rose 3.3% to $2.5 billion.