Taiwan: Exports plummet in September
October 7, 2013
In September, exports contracted 7.0% over the same month last year, which contrasted the 3.6% expansion registered in August. The print largely exceeded the 1.2% contraction markets had expected and marked the largest drop in seven months. As the Ministry of Finance reported, the drop was mainly driven by a decline in exports of basic metals, plastics and rubber, mineral products and chemicals.
On the other hand, imports contracted 0.7% in September, after the 1.2% drop registered in August. The reading fell slightly short of market expectations of a 0.9% decline.
The trade balance recorded a USD 2.4 billion surplus in September. The print was well below the USD 4.1 billion surplus registered in the same month last year and fell short of market expectations of a USD 4.0 billion surplus.
FocusEconomics Consensus Forecast panelists expect exports to grow 2.7% in 2013 and 7.0% in 2014.