Taiwan exports forecast to grow 4.53% this year.
TAIPEI, March 15 Kyodo
Taiwan's exports are expected to grow a better-than-expected 4.53% this year after contracting 17.1% in 2001 as the global and domestic economies are showing increasing signs of warming up, the Economics Ministry's Board of Foreign Trade said Friday.
Imports are expected to recover to a 5.37% growth rate compared to last year's 23.4% contraction, the board said.
With Taiwan's jobless rate stabilizing, industrial production, foreign orders and other economic indicators Economic indicators
The key statistics of the economy that reveal the direction the economy is heading in; for example, the unemployment rate and the inflation rate. improving over the past three months, the board sees rosier prospects for the island's trade.
It also said there are signs of an economic recovery in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. , which is Taiwan's top export market, boding bod·ing
An omen or foreboding, especially of evil.
Noun 1. boding - a feeling of evil to come; "a steadily escalating sense of foreboding"; "the lawyer had a presentiment that the judge would dismiss the case" well for an improvement in exports.
At the same time prices for key electronics exports such as DRAM computer chips have been rising substantially in recent months.
It cited as possible adverse effects on trade Japan's prolonged recession, the Japanese government's sluggishness in implementing economic reforms and a weakening yen, which could cause a depreciation of the local currency.
The board also said it was not clear yet how much business Taiwanese exporters will lose to competitors in China, but it concluded the overall positive factors will be outweighing negative ones in 2002.
Earlier this month, the Finance Ministry, in announcing monthly trade figures, said foreign trade is showing signs of bottoming out and predicted a recovery was imminent.
If based on the daily average value of goods clearing customs for export, which hit $540 million in February, exports rose 0.7% year-on-year in February, for the first time in almost a year.
Due to the global downturn, in particular in demand for computers and other electronic goods, Taiwan's economy last year for the first time in several decades shrank shrank
A past tense of shrink.
a past tense of shrink
shrank shrink 1.91%.
In its latest forecast, the government predicts the economy will grow 2.29% this year.