Taiwan’s Oil Imports Rise After Industrial Output Accelerates

Taiwan, which imports more than 99 percent of its crude, purchased more in February after growth in industrial output accelerated, boosting energy demand.

Shipments rose 12 percent from a year earlier to 26.8 million barrels last month, the Ministry of Finance said in Taipei today. That’s equivalent to about 958,000 barrels a day. The island’s February oil bill increased 7 percent to $2.96 billion, the ministry said in a statement.

Industrial production increased 19 percent from a year earlier in January, the fastest pace in more than two years, a Ministry of Economic Affairs report showed Feb.27. Output by chemical makers climbed 15 percent.

To contact the reporters on this story: Yu-Huay Sun in Taipei at ysun7@bloomberg.net or Chinmei Sung in Taipei at csung4@bloomberg.net

To contact the editor responsible for this story: Alexander Kwiatkowski at akwiatkowsk2@bloomberg.net

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