TAIPEI – Taiwan's exports swelled 21.9% year-over-year to $24.2 billion in October on strong demand for electronics.

Exports grew $1.8 billion sequentially on the back of a $440 million increase in exports of electronics products and a $250 million growth in information and communications technology product exports. October electronics exports hit a record $7.25 billion.

Meanwhile, shipments of optoelectronic goods were down $170 million.

The country’s Ministry of Finance said it expects the country's 2010 exports to set a record high.

Year to-date, exports were up 38.4% to $226.4 billion, on track to surpass the 2008 record of $255.6 billion.

October imports were $21.2 billion, up 27.9% year-over-year. The country logged an almost $3 billion trade surplus for the month, down 8.6% compared to October last year, according to the Ministry.

About 40% of Taiwan’s exports go to China and Hong Kong.

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