Taiwan: Exports record fifth straight decline
August 7, 2012
In July, exports fell 11.6% over the same month last year to USD 24.8 billion. The decline overshot both the 3.2% drop observed in June as well as market expectations of a 7.4% decline. The monthly fall reflected declining shipments in most categories, particularly of information and communication items as well as mineral products. Meanwhile, imports contracted a milder 3.2%, which was an improvement compared to the 8.4% drop recorded in the previous month. As a result, the trade surplus reached USD 904 million in July, down from the USD 3.4 billion surplus recorded in the same month last year and well below market expectations of a USD 2.8 billion surplus. According to the government, the contraction in exports observed this year has been primarily driven by lower demand for electronic products, while adding that the July drop was exacerbated by an unfavourable base effect.