Taiwan: Exports decline for a fourth consecutive month
July 9, 2012
In June, exports fell 3.2% over the same month last year to USD 24.4 billion. The decline followed the 6.3% drop observed in May and undershot market expectations of a 5.3% decline. The monthly fall reflected declining shipments in most categories, particularly of textile products as well as machinery and electrical equipment. Meanwhile, imports contracted a sharper 8.4%, which was slightly below the 10.5% drop recorded in the previous month. As a result, the trade surplus reached USD 2.6 billion in June, up from the USD 1.4 billion surplus recorded in the same month last year. According to the government, the June decline primarily reflected a sharp fall in demand from the United States and Europe, in particular of electronics and communications products. Shipments to China, on the other hand, only experienced a mild drop in annual terms.