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Taiwan’s Exports Decline for 11th Consecutive Month, Worst Since Sept. 2009

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Taiwan’s Exports Decline for 11th Consecutive Months, Worst Since Sept. 2009
 
Source: All Taipei newspapers     January 11, 2016
 
According to data released on January 8th by the Finance Ministry’s Statistics Department, Taiwan’s December exports fell by 13.9% year-on-year to US$ 22.06 billion, marking the eleventh consecutive month of decline, and the seventh consecutive month of double-digit decline, the worst since the 2008 global financial tsunami.   
 
The total value of Taiwan’s exports in 2015 fell by 10.6% year-on-year to US$ 280.48 billion, lower than expected.  
 
Yeh Maan-tzwu (葉滿足), director of the Finance Ministry’s Statistics Department, stated that Taiwan was likely to record negative export growth in January and February.      
 
According to the Statistics Department, Taiwan’s December imports fell by 15.6% year-on-year to US$17.89 billion. Given the double-digit declines in exports and imports, it is extremely unlikely that Taiwan’s 2015 GDP growth rate would hit the government’s 1% target.   
 
Yeh stated that sharp declines in last year’s exports were largely due to weak global demand.  
 
According to Yeh, exports of Taiwan’s major products all declined in December. The exports of optical imaging lenses fell by 25.7% in December, marking the second consecutive month of decline.    
 
In addition to Taiwan, major economies in the world also experienced sharp declines in exports last year. For instance, South Korea’s exports fell by 7.9% year-on-year, with twelfth consecutive month of decline. From January to November 2015, exports from Singapore, Japan, Mainland China and Hong Kong fell by 14.4%, 9.8%, 3% and 1.9%, respectively, year-on-year. US exports also declined by 6.8% last year, Yeh noted. 

 

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