Taiwan: Exports contract again in October
November 8, 2012
In October, exports contracted 1.9% over the same month last year to USD 26.5 billion. The figure contrasted both the 10.4% increase recorded in September as well as market expectations of a 2.0% rise. The reading marks the seventh contraction seen in the past eight months, after exports briefly recovered in September. The monthly decline mainly reflected lower shipments of basic metals as well as of machinery and electrical equipment. As a result of the monthly reading, in the 12 months up to October, exports contracted 3.0% over the same period the previous year (September: -1.9% year-on-year). Meanwhile, imports contracted 1.8% in October, contrasting the 1.3% rise recorded in September. As a result, imports declined 5.0% in annual terms in the last 12 months (September: -4.0% yoy). The trade balance reached a USD 3.3 billion surplus in October, matching market expectations. As a result, the 12-month moving sum of the trade balance reached a USD 28.3 billion surplus in October, virtually unchanged from the USD 28.4 billion surplus observed in September.