Taiwan’s Oil Imports Rise After Industrial Output AcceleratesYu-huay Sun and Chinmei Sung
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.