Financial News: Taiwan Inflation Eases To 2.43%; Trade Surplus Shrinks

Taiwan Inflation Eases To 2.43%; Trade Surplus Shrinks On Exports Plunge

03/07/2023 - 06:46:00 (RTTNews)

(RTTNews) - Taiwan's consumer price inflation eased more-than-expected in February, after rising to a 6-month high at the start of the year, data released by the Directorate General of Budget, Accounting & Statistics showed on Tuesday.

The trade surplus for the country shrank markedly in February from last year, as exports fell more rapidly than imports, preliminary official data from the Ministry of Finance revealed.

Consumer prices rose 2.43 percent year-on-year in February, slower than the 3.05 percent increase in January. Economists had forecast inflation to drop to 2.69 percent.

The slowdown in inflation was mainly due to the developments in food, education and entertainment costs.

The annual price growth of food eased to 4.29 percent in February from 5.27 percent in the previous month. Education and entertainment charges rose 2.11 versus 4.49 percent in January.

Housing costs were 2.45 percent more expensive compared to last year, while transportation and communication prices increased only 0.56 percent.

On a monthly basis, consumer prices went up 0.17 percent in February, after a 0.40 percent rise in the previous month.

Data showed that the producer price inflation softened to 4.10 percent in February from 12 percent in the previous month.

The trade surplus for the month of February was $2.35 billion, down considerably from $5.78 billion in the corresponding month last year. The expected surplus was $3.85 billion.

In January, there was a surplus of $2.34 billion.

Exports fell 17.1 percent year-over-year in February, after a 21.2 percent slump in the prior month. It was the sixth consecutive monthly decline.

That was also worse than the 14.2 percent drop economists had expected.

Exports of plastics, rubber and articles thereof logged the steepest fall of 25.3 percent annually in February. This was closely followed by a 24.1 percent decline in base metals and articles of base metals.

At the same time, exports of electronic product parts rose notably by 17.8 percent.

Imports fell 9.4 annually in February, slower than the 16.8 percent decrease a month ago. Imports were expected to fall by 9.8 percent.

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