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Taiwan's exports slide for eighth month in a row

Taiwan's exports slide for eighth month in a row

Taipei, Oct. 7 (CNA) Taiwan's exports dropped 14.6 percent to US$22.54 billion in September, declining for the eighth consecutive month, according to statistics released Wednesday by the Ministry of Finance . The figures represented Taiwan's lowest monthly exports since October 2010 and its fourth consecutive monthly double-digit drop, the ministry said. Meanwhile, imports in September totaled US$17.3 billion, down 24.4 percent year on year, putting the trade surplus for that month at US$5.25 billion. In the first nine months of the year, Taiwan's exports dropped 9.4 percent year-on-year to US$212.4 billion, while its imports fell 16.5 percent to US$173.84 billion, creating a trade surplus of US$38.57 billion. Yeh Maan-tzwu (???), director-general of the finance ministry's Department of Statistics, said inventory was moving slowly due to sluggish demand in the global market. "But the promising news is that Taiwan Semiconductor Manufacturing Co. has forecast that its inventory will be absorbed in the fourth quarter," Yeh said. He said a rebound in exports will not be become obvious until the first quarter of next year. Among the major export items in September, electronics products dropped 9.9 percent year-on-year to US$8.01 billion, mineral products fell 46.8 percent to US$950 million, chemicals exports slid 24.9 percent to US$1.3 billion, and basic metals and their products declined 16.9 percent to US$1.99 billion. In the first nine months of the year, the falling exports included mineral, plastic and chemical products, which dropped US$12.1 billion from the same period last year. Looking ahead, Yeh said fourth-quarter growth in exports can be achieved only if commodity prices return to normal and "we work very, very hard." (By Chiu Po-sheng and Lilian Wu)


Updated : 2021-09-17 13:04 GMT+08:00