TAIWAN

Trade Deficit Posted for June as Imports Soar: The Ministry of Finance reported a merchandise trade deficit of $520.7 million for the month, compared to a surplus of $418.4 million for June last year. The deficit resulted from a 34.6% increase in imports to $9.1 billion, which more than offset a 19.6% increase in exports to $8.6 billion, the ministry said. Imports from Japan, Taiwan’s largest overseas supplier, rose 32% to $2.7 billion. Imports from the United States gained 54% to $2.0 billion. Exports to Hong Kong, the conduit for trade with China, which this year became Taiwan’s largest export market, climbed 18.6% in June from a year ago, to $2.1 billion. Direct trade between Taiwan and China is not allowed by either government. Sales to Japan rose 34.6% in June from a year earlier to $1.0 billion, the ministry said.