TAIPEI, April 25 (Xinhua) -- A leading think tank in Taiwan Wednesday raised its forecast for the island's economic growth this year, as the recovering global economy has buoyed the island's export sector in the first quarter.
Taiwan's economy is expected to expand 2.45 percent this year, up 0.11 percentage points from a previous forecast in January, according to the Taiwan Institute of Economic Research (TIER).
In the first three months, Taiwan's performance in its export market was surprisingly better than expected thanks to strong worldwide demand for new technology and machinery equipment, the TIER monthly report said.
The island's imports and exports grew by 11 percent and 10.62 percent year-on-year respectively in the first quarter, leaving a trade surplus of 1.18 billion U.S. dollars, or an increase of 8.51 percent compared with the same period last year.
Its exports to the Chinese mainland and Hong Kong hit an all-time high in March, according to the island's finance authority.
However, the report also alerted to potential uncertainties such as trade conflicts, which might offset the optimistic outlook.
