Taiwan’s exports fell 13.1 percent year-on-year in November, the third consecutive monthly drop, and the biggest year-on-year monthly drop in nearly seven years, the Ministry of Finance (MOF) said Wednesday.

Data compiled by the ministry show the country’s exports fell 13.1 percent from a year earlier to US$36.13 billion in November, the lowest value in 19 months.

Beatrice Tsai (???), director-general of the MOF’s Department of Statistics, said that while Taiwan’s total exports in 2022 will hit a projected record high, December will be the fourth consecutive month that exports have fallen year-on-year, after riding high earlier in the year.

Tsai said global economic development forecasts indicate the global economy remains weak.

Domestically, the majority of local businesses will most likely be focused on clearing their stock until next year.

Tsai also noted other indications of difficulties ahead such as Apple Inc. lowering its shipping forecasts for the new iPhone.

Moreover supply of display panels continue to outgrow demand, Tsai said, adding that China’s COVID-19 policies and the ongoing war between Ukraine and Russia are the main reasons export numbers continue to drop.

Source: Focus Taiwan News Channel