Taiwan’s exports down for 6th straight month in February

Weakening global demand pushed down Taiwan’s exports in February for a sixth consecutive month, the Ministry of Finance (MOF) said Tuesday.

Taiwan’s exports in February fell 17.1 percent from the same month in 2022 to US$31.05 billion, and imports fell 9.4 percent from a year earlier to US$28.70 billion, leaving a trade surplus of US$2.35 billion that was down 59.3 percent year-on-year, MOF data showed.

In the first two months of 2023, Taiwan’s exports plunged 19.2 percent from a year earlier to US$62.56 billion and imports fell 13.3 percent to US$57.86 billion.

The resulting trade surplus of US$4.69 billion was also down 56.2 percent year-on-year.

The MOF said Taiwan’s exporters felt the pinch of a global economic slowdown in February, which led to double-digit declines in the exports of both old economy and semiconductor suppliers.

By sectors

In February, the electronic component sector, which accounted for 41.7 percent of Taiwan’s total exports, posted outbound sales of US$12.94 billion, down 17.8 percent from a year earlier.

The exports of semiconductor makers alone fell 17.3 percent from a year earlier to US$11.99 billion, the MOF said.

The MOF said the exports of the information/communications and video/audio industry fell 9.0 percent from a year earlier to US$4.16 billion in February.

In addition, the exports generated by base metal, chemical, plastics/rubber and machinery suppliers fell 24.1 percent, 14.3 percent, 25.3 percent, and 22.9 percent, respectively, from a year earlier to US$2.29 billion, US$1.77 billion, US$1.75 billion and US$1.69 billion in February, the MOF said.

While the exports of electric machinery devices declined 15.9 percent from a year earlier to US$1.01 billion in February, suppliers of mineral products (mostly petroleum products) racked up a 13.4 percent year-on-year increase in exports to US$1.35 billion, according to the MOF.

By destinations

The ministry also said that while China and Hong Kong remained the largest buyer of Taiwan-made goods in February, accounting for 35.4 percent of Taiwan’s total exports in February, Taiwan’s exports to those markets fell 30.2 percent from a year earlier to US$11.01 billion.

Shipments to China were primarily hurt by huge falls in the sales of electronic components, information/communications products, and optoelectronic gadgets in the month, the MOF said.

Exports to ASEAN countries fell 11.1 percent from a year earlier to US$5.66 billion, while exports to the United States and Europe moved lower by 13.7 percent and 4.8 percent, respectively, to US$4.73 billion and US$2.91 billion in February, the MOF said.

Exports to the Japanese market bucked the general downturn, moving higher by 1.0 percent from a year earlier to US$2.33 billion in February, as sales of electronic components rose 17.4 percent year-on-year, according to the MOF.

Source: Focus Taiwan News Channel

administrator

Related Articles