Taiwan’s exports fell in November
2022.12.20 06:08
Taiwan’s exports fell in November
Budrigannews.com – In November, Taiwan’s export orders fell at their lowest level in more than a decade as a result of a drop in demand from China and generally lower consumer spending around the world as a result of inflation and interest rate increases.
The Ministry of Economic Affairs reported on Tuesday that the island’s export orders for technology in the previous month, which serve as a gauge of global demand, were $50.14 billion lower than a year earlier. That was higher than the 11.2% decline that was anticipated by analysts.
The decline in November was the steepest since March 2009, when it was 24.3%, following the annual contraction of 6.3% in October. November was the third month this year to show a decrease.
Orders for telecoms items dove 30.5% from a year sooner as a result of more vulnerable shopper request particularly in China in view of Coronavirus controls, yet in addition fell off a high base, the service said.
It also stated that demand for chips for high-performance computing, 5G, and automobiles offset the decline in electronic product orders by 15.2%.
It added that semiconductor demand and stockpiling ahead of the Lunar New Year holiday in East Asia in January would help orders, but there were also a lot of unknowns, like how quickly COVID-19 would spread in China after the country lifted its controls.
In addition, the ministry anticipated a decrease of between 27.5 and 30.8% in export orders this month compared to December 2021.
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Compared to October’s annual decline of 26.7 percent, Taiwan’s November orders from China fell by 37.3%. Orders from China decreased 4.1% month-over-month.
China began easing its stringent zero-COVID policy this month, despite a rapid rise in cases and widespread public outrage over lockdowns and damage to the world’s second-largest economy.
Compared to the previous month, which saw a rise of 1.2 percent, Taiwan’s orders from the United States decreased by 16.7% from the previous year.
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Compared to October’s 4.3% annual increase, export orders from Europe decreased by 26.3 percent. However, Japanese orders increased by 5%.
