TAIPEI (Taiwan News) — November marked a third month in a row of falling exports for Taiwan, with a decline of 13.1% compared to the same month in 2021, the Ministry of Finance (MOF) said Wednesday (Dec. 7).

Exports for the month totaled US$36.13 billion (NT$1.10 trillion), while imports fell by 8.6% from Nov 2021 to $32.7 billion. The new data left Taiwan with a favorable trade balance of $3.43 billion for the month, a fall of $2.34 billion from Nov. last year.

For the period from Jan. to Nov. 2022, Taiwan’s exports totaled a record $396.63 billion, a rise of 14.3% compared to the same period in 2021, UDN reported. The trade surplus for the first 11 months of 2022 amounted to $47.15 billion, a decline of $11.52 billion compared to Jan.-Nov. 2021.