Taiwan: Exports contract for second consecutive month
May 9, 2012
In April, exports fell 6.4% over the same month last year to USD 25.5 billion. The decline doubled the 3.2% drop observed in March and also exceeded market expectations of a 2.9% decline. The monthly fall was primarily driven by declining shipments of chemical products, textiles as well as of machinery and electrical equipment. Imports expanded 2.1% in April, which contrasted the 5.8% decline recorded in the previous month. As a result, the trade surplus shrank from USD 2.4 billion in March to USD 689 million. According to the government, exports may decline again in May and June, as there are not signs of improving demand for electronics products, which account for around a quarter of total exports. The government expects export growth to reach 4.3% this year.