For fourth month exports from Taiwan decline by 12 percent

Robert Besser
10 Jan 2023, 20:16 GMT+10

Rising international interest rates and a declining worldwide business climate has resulted in Taiwan's exports falling for a fourth straight month in December.
Taiwanese exports fell 12.1 percent by value in December, compared to one year earlier, to $35.75 billion, which was the lowest in 20 months, the Ministry of Finance reported.
It was further reported that Taiwan's exports of electronic components in December fell 1.4 percent to $16.04 billion, though semiconductor exports were up 0.8 percent from one year earlier.

TAIPEI, Taiwan: Rising international interest rates and a declining worldwide business climate has resulted in Taiwan's exports falling for a fourth straight month in December.

Taiwanese exports fell 12.1 percent by value in December, compared to one year earlier, to $35.75 billion, which was the lowest in 20 months, the Ministry of Finance reported.

Taiwan also witnessed a 13.1 percent drop in November exports.

Meanwhile, the ministry pointed to the slowing of worldwide demand caused mainly by inflationary pressures and interest rate increases, along with the slow down in Chinese factory output caused by a spike of COVID-19 cases after Beijing dismantled its zero-COVID regime.

"The positive demand driven by new technologies and rising silicon content in end products would not be able to offset these negative impacts," the ministry said in a statement.

It was further reported that Taiwan's exports of electronic components in December fell 1.4 percent to $16.04 billion, though semiconductor exports were up 0.8 percent from one year earlier.

Taiwanese chip maker TSMC, the world's largest contract chipmaker, is a major suppliers to Apple and other global tech giants, as well as a manufacturer of chips for autos and lower-end consumer goods.

Additionally, exports to China were $14.28 billion in December, marking a 16.4 percent fall from a year ago, after suffering a 20.9 percent drop in November.

Taiwan's December exports to the United States fell 2.6 percent, compared with an 11.3 percent contraction in November.