Taiwan’s February Oil Imports Rise as Factory Output Climbs
Taiwan, which imports more than 99 percent of its crude oil needs, purchased more of the fuel in February as an economic recovery boosted industrial output, spurring energy consumption.
Shipments climbed 50 percent from a year earlier to 26.1 million barrels last month, the Ministry of Finance said in Taipei today. The island’s February oil bill increased 83 percent to $2.51 billion, the ministry said in a statement.
Taiwan’s industrial production increased for a 17th straight month in January, an economic ministry report showed on Feb. 23. The economy expanded 10.82 percent in 2010, one of the world’s highest rates based on International Monetary Fund estimates. The government said last month it forecasts growth of 4.92 percent this year.
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