Taiwan's exports fell for a fourth straight month in December due to the worsening state of the global economy, as inflation and rising interest rates weighed on demand, and benefits from China's relaxation of its COVID controls had still to emerge.
Exports dropped 12.1% by value last month from a year earlier to $35.75 billion, the lowest in 20 months, the Ministry of Finance said on Saturday.
That followed a 13.1% drop in November, and was slightly better than Reuters poll forecast for a 13.3% contraction.For December, the ministry said global demand was slowing gradually, due to inflationary pressures and interest rate rises in major economies, as well as disruptions to factory production in China amid a spike of COVID-19 cases after Beijing dismantled its zero-COVID regime.
The ministry saw Taiwan's exports continuing to decline in the first quarter as it expected the global economy to "slow significantly", with major uncertainties posed by both the war in Ukraine and the spread of COVID-19 in China. "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.
Taiwan's total exports of electronics components in December fell 1.4% to $16.04 billion, with semiconductor exports up 0.8% from a year earlier.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Tesla deliveries in China slump in DecemberDemand is squeezing Tesla’s output as the number of China deliveries dropped in December, according to data from China Passenger Car Association.
Read more »
Tesla’s China Deliveries Fell Sharply in December Despite DiscountsTesla’s December deliveries dropped by about 20% from the same month in 2021 and were a little more than half of those made in November.
Read more »
Tesla's December sales of China-made cars fall to the lowest in five monthsTesla delivered 55,796 China-made electric vehicles in December, the lowest level in five months, according to data from the China Passenger Car Association.
Read more »
China fx reserves rise $11 bln to $3.128 trillion in DecemberChina's foreign exchange reserves rose in December, official data showed on Saturday, as the dollar fell against other major currencies.
Read more »
Former NATO chief: Europe must help deter China from attacking TaiwanThe most important way to deter China from attacking Taiwan is to ensure a Ukrainian victory in the war against Russia, former NATO secretary-general Anders Fogh Rasmussen said.
Read more »