TAIPEI -- Trade volume in Taiwan in 2012 stood at 571.84 billion U.S. dollars, with a growth rate of exports this year set at 5.5 percent, the island's economic authority said late Monday.

The authority added that trade volume in December 2012 was 48.08 billion U.S. dollars, a 5.5 percent increase year-on-year.

Exports last month were worth 26.1 billion U.S. dollars, a year-on-year rise of 9 percent, and imports stood at 21.98 billion U.S. dollars, an increase of 1.6 percent.

The economic authority said the upgrading of smart phones and tablet computers, and the upcoming Spring Festival will increase market demand in IT, electronic and other relevant industries, promoting the island's foreign trade.

However, foreign trade should be viewed with prudence due to uncertainties with the global economy, according to the authority.

The economic authority added that in a bid to promote exports, Taiwan has chosen the Chinese mainland, Russia, Brazil, India, Indonesia and six other emerging markets as its key markets for expansion.