Taiwan’s exports keep falling
2023.01.05 08:10
Taiwan’s exports keep falling
Budrigannews.com – According to a poll conducted by Reuters, concerns about a global recession, uncertainties caused by the war in Ukraine, and COVID-19 controls in China likely contributed to a fourth consecutive month of decline in Taiwan’s exports in December.
Taiwan, a major supplier to Apple Inc. (NASDAQ:) and a global hub for chip production, is a major exporter of technology goods in Asia. The trade data are regarded as an important indicator of global technology gadget demand.
A poll of 12 analysts conducted by Reuters on Thursday revealed that exports fell 13.3% from a year earlier, slightly faster than the annual contraction of 13.1% observed in November.
The forecasts for exports were very different, ranging from 7.9 percent to 19.5%. The variation was caused by uncertainty regarding the global economy, supply chain disruptions as a result of China’s pandemic lockdown, and the aftermath of the war between Russia and Ukraine.
December exports could be down between 8% and 12% from a year ago, according to Taiwan’s finance ministry.
According to the poll, the consumer price index was anticipated to rise faster than the 2.35 percent annual rate seen in November, rising 2.5% in December.
On Friday, data on inflation will be released, and on Saturday, data on trade will be released.
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