Taiwan joins Japan, Singapore, Korea in trade slump

TAIPEI - Taiwan’s foreign trade fell by 15.66% on-year to US$43.9 billion in August amid challenging conditions at home and abroad, according to the Ministry of Finance. Exports fell by 14.8% to US$23.93 billion, while imports dropped 16.7% to US$19.97 billion. The trade surplus was down 3.6% to US$3.96 billion.

Yeh Maan-tzwu, Director-General of the MOF Department of Statistics, said the third consecutive double-digit contraction was due to falling raw material prices and slumping demand on the global front. “A relatively high comparison from last year also played a par,” he said.
Yeh said August marked the seventh consecutive month of a downturn for local exports. Basic metals, chemicals, electrical equipment, electronics, information communications technology products, machinery and opticals all suffered double-digit tail-offs, while mineral exports tumbled by nearly 46%.
“Uncertainties in major markets, especially mainland China, are taking a toll,” Yeh said. For the first eight months of the year, exports decreased 8.8% to US$189.89 billion, while imports sank 15.5% to US$156.56 billion. The accumulated trade surplus soared 45.4% to US$33.33 billion.
Taiwan’s weak export performance is mirrored by its neighbours. Year-to-date exports of Japan, Singapore and South Korea are down 8.2%, 13% and 6.1%, respectively. www.taiwantoday.tw (ATI).