Taiwan: Exports fall for third straight month
June 7, 2012
In May, exports fell 6.3% over the same month last year to USD 26.1 billion. The figure was virtually unchanged from the 6.4% drop observed in April and exceeded market expectations of a 5.3% decline. The monthly fall was primarily caused by declining shipments of textiles, footwear as well as of machinery and electrical equipment. Meanwhile, imports contracted a sharper 10.5%, which contrasted the 2.1% increase recorded in the previous month. As a result, the trade surplus reached USD 2.3 billion in May, up from the USD 1.2 billion surplus recorded in the same month last year. According to the government, exports may expand again in June aided by a low comparison base and amid 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.