Taipei, Taiwan’s exports for March declined 0.6 percent from a year earlier to US$28.27 billion due to the impact of the COVID-19 coronavirus pandemic on the global supply chain, the Ministry of Finance (MOF) reported Wednesday.
The fall in exports was attributed to the spread of COVID-19 from Asia to Europe and the United States, affecting global supply chains and demand, although the drop was somewhat offset by more overseas Taiwanese businesses returning home and increasing their investment in Taiwan, the country’s effective disease prevention achievements and more work days in the month compared with the same period of last year, according to the ministry.
Looking ahead, the full impact of COVID-19 on Taiwanese exports is still unknown, as the virus continues to spread, which is expected to dent global consumption, investment and trade, pushing international raw material prices even lower in the short term, the ministry said.
This could result in Taiwan’s exports being left with little room for growth in the first two quarters, it said.
Meanwhile, the country’s imports in March totaled US$25.48 billion, up 0.5 percent from a year earlier, leaving the country with a trade surplus of US$9.52 billion, an increase of US$480 million year-on-year.
Source: Focus Taiwan News Channel