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UPDATE 1-Taiwan Nov export growth tops expectations, despite China weakness
December 8, 2014 / 8:58 AM / 3 years ago

UPDATE 1-Taiwan Nov export growth tops expectations, despite China weakness

* Exports to China -0.3 pct y/y, to U.S. +11.4 pct
    * Electronic goods market stayed 'vigorous' -  ministry

    By Miaojung Lin and Michael Gold
    TAIPEI, Dec 8 (Reuters) - Taiwan's November export growth
slightly topped expectations, as components for hot-selling
gadgets such as the iPhone from Apple Inc boosted shipments. 
    Exports grew 3.7 percent from the same month of 2013, the
island's Ministry of Finance said on Monday. This compared to a
Reuters poll expectation for a 3.47 percent increase and was
higher than the meagre 0.7 percent annual improvement in
October.
    "The market in electronic goods remains vigorous," the
ministry said in a statement.
    Exports to the U.S. saw a big 11.4 percent rise, which more
than offset a 0.3 percent fall for those to largest trading
partner China.
    Shipments to Europe expanded 3.70 percent. Exports to Japan
gained 3 percent.
    The government also expects December exports to be slightly
stronger than a year earlier, on the back of restocking of goods
in warehouses.
    Taiwan's overall export value in December will be at least
$26.5 billion, it said. In December 2013, shipments were $26.38
billion.
    This year, the release of Apple's iPhone 6 was the
biggest economic fillip to Taiwan, whose companies make a
sizable share of the gadget's circuitry.
    Major vendors such as camera lens maker Largan Precision Co
Ltd and case maker Catcher Technology Co Ltd 
saw annual sales gains in November of 77 and 19 percent,
respectively. 
    Chip supplier Taiwan Semiconductor Manufacturing Co Ltd
 also expects the fourth quarter to set another record
for revenue. 
    Gains at tech firms were enough to offset weakness in
trading partners such as China, which on Monday announced that
imports shrank and export growth slowed markedly in November.
 
    Europe remains mired in stagnation, underscored by
lower-than-expected growth in German industrial output for
October. 
    The United States was the lone bright spot, with recent data
such as November employment numbers coming in better than
expected. 

 (Editing by Richard Borsuk)

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