Taiwan: Exports remain mired in the red
September 7, 2012
In August, exports declined 4.2% over the same month last year to USD 24.7 billion. The decline represented an improvement over the 11.6% drop observed in July but exceeded market expectations of a 2.7% fall. The figure marks, in fact, the sixth consecutive decline in exports. The monthly fall reflected declining shipments in most categories, in particular of chemicals as well as textile products. Meanwhile, imports contracted a sharper 7.6%, which marked a deterioration compared to the 3.2% drop recorded in the previous month. As a result, the trade surplus reached USD 3.3 billion in August, up from the USD 2.6 billion surplus recorded in the same month last year and above market expectations of a USD 1.5 billion surplus. According to the government, exports may start growing again in September as they benefit from peak demand seasons in the United States and Europe and also owing to a favourable base effect.