Commercial Times: Taiwan's exports boosted by rising Korean won
Central News Agency
2014-05-05 11:38 AM
With its exports remaining robust, South Korea has gradually increased the value of its currency since the second half of last year. South Korea's exports totaled a record US$559.72 billion in 2013 and are expected to continue to expand this year, with the growth rate projected at 6.4 percent. The Korean won, meanwhile, had risen 7 percent against the U.S. dollar, from 1,110 in the third quarter of 2013 to 1,030 as of the end of April. During the same period, the value of the Taiwanese currency fell 2 percent against the U.S. dollar, from NT$29.6 to NT$30.2. Thanks to the appreciation of the Korean won and the depreciation of the Taiwan dollar, Taiwanese exports have become more competitive compared with similar products from South Korea. In March, Taiwan's exports totaled US$27.76 billion, the third highest monthly level on record. The performance of electronic exports was especially strong, reaching a record high of US$8.15 billion, which represented a 9.2 percent growth from last year. The electronics sector was expected to remain robust in April as the won continued to appreciate. With the economic recovery in Europe and the United States showing signs of strengthening, Taiwan's exports began to improve in the first quarter. If the vigorous growth of the electronics sector continues, Taiwan very likely will show good economic expansion this year. (Editorial abstract -- May 5, 2014) (By Y.F. Low)
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