Taiwan's exports down in February

TAIPEI - Taiwan's exports dropped 1.2 percent year on year in February, mainly because the Lunar New Year reduced the number of working days that month, the island's finance authority said Wednesday.

The volume of exports in February stood at $22.37 billion, ending a growing trend for 16 consecutive months, according to the authority.

Thanks to the global economic recovery, Taiwan's exports in the first two months of this year reached $49.75 billion, up 7.3 percent compared with the same period last year.

Exports in sectors such as basic metals, electronic components, machinery, plastic and rubber products, as well as chemical products, recorded strong growth in the first two months.

Taiwan's imports in the first two months totaled $44.42 billion, up 12.4 percent year on year. Its trade surplus reached $5.34 billion in the first two months, down $1.53 billion from the same period last year.

Exports to the Chinese mainland and Hong Kong grew by 5.1 percent year on year.

The finance authority predicted that Taiwan's exports would continue to benefit from a better world economy this year and the development of emerging businesses such as artificial intelligence, the Internet of Things, high-performance computing, and virtual currency.