https://www.trade.gov.tw/english/Pages/ ... 1&history=
February 2023 Summary of Trends in International Trade
2023-03-13
Trends of International Raw Material Prices: In February 2023, the average price of coal and natural gas fell by nearly 30% from the previous month, due to the warm winter effect weakening demand. And the prices of agricultural products rose slightly, mainly come from unfavorable weather factors.
Exports in January 2023 will be US$31.51 billion, an annual decrease of 21.2%. Taiwan’s exports fell for the fifth consecutive month, and the decline hit a new high in nearly five months. It is affected by factors such as the continued sluggish of global terminal demand, the limited unblocking effect in China, and the long Lunar New Year holiday.
In January 2023, the import was US$29.17 billion, an annual decrease of 16.8%. As the international raw material prices has fallen from a high level, the global economic downturn that suppressed manufacturers' willingness of raw materials procurement, and the long Lunar New Year holiday, imports fell the most in nearly three months.
Observations on the trade performance of Taiwan and its major trading partners:
Taiwan's exports in January 2023 to our major trading partners (China, ASEAN, US, Japan, and EU) showed the largest decline with annual decrease rate to China, by 34.3%, followed by exports to the ASEAN, and the US, which decreases by 26.8% and 14.4%, respectively. However, the EU grew by 9.1%, and Japan grew by 3.1%.
In terms of imports, in January 2023, Taiwan's imports from our major trading partners (China, ASEAN, US, Japan, and EU) showed China decrease the most with an annual decrease rate of 27.4%, followed by Japan, the US, the ASEAN, and the EU, with a decrease of 21.9%, 11.6%, 10.9%, and 9.3%, respectively.
Of the top 10 exports in January 2023, the export value of electrical machinery equipment and parts (HS85) was the highest at US$15.70 billion, followed by mechanical appliances and parts (HS84) at US$4.72 billion. In terms of the rate of change, due to the tightening of terminal demand and the impact of Lunar New Year holiday, major export goods fell across the board. Plastics products (HS39) fell the most with a 38.9% drop, followed by optical and other precision instruments (HS90) with a decrease of 29.1%.
Of the top 10 imports in January 2023, the import value of electrical machinery equipment and parts (HS85) was the highest at US$ 8.78 billion, followed by mechanical appliances and parts (HS84) at US$5.75 billion. In terms of rate of change, as the sluggish global demand and international raw material market fell back, steel (HS72) fell the most with an annual decrease of 39.9%, followed by organic chemical products (HS29)with a 34.0% drop. due to and falling raw material prices, iron and steel (HS72) fell the most with an annual decrease of 39.9%, followed by organic chemicals (HS29) with a 34.0% drop.