TAIPEI -- Taiwan's exports have grown for the 14th month thanks to a recovering global economy and strong demand for electronic products, a report showed Monday.

Exports rose 14 percent from a year earlier in November, according to a report by the Taiwan Institute of Economic Research (TIER).

Taiwan's total exports in the first 11 months of this year rose 13.1 percent compared with the same period of last year, while its imports grew 12.6 percent, with the trade surplus reaching $51.7 billion.

The industrial production index rose year-on-year for the seventh month in November, but the growth rate slowed.

The report showed that manufacturers are conservative about the economic outlook for the coming six months partly due to a decline in imports of semiconductor equipment.

"Taiwan's economic growth in the first quarter of next year is unlikely to be as high as this year," said Sun Ming-Te, director of the TIER macroeconomic forecasting center.