TAIPEI (Taiwan News) — Taiwanese export orders for May contracted by more than 17%, representing the ninth straight month of negative growth amid weak global demand, the Ministry of Economic Affairs (MOEA) said on Tuesday (June 20).

Export orders in May dropped 17.6% year-on-year to US$45.68 billion (NT$1.41 trillion), while compared to a month earlier, they grew 7.5%. Meanwhile, exports for the first five months of the year totaled US$224.39 billion, representing a 20% year-over-year decline.

Looking at individual sectors, electronic component exports in May fell 16.6% from a year earlier to US$15.47 billion. Information and communications equipment exports dropped 9.5% year-over-year to US$12.62 billion.

Optoelectronics exports contracted 8.8% from the year prior to US$1.65 billion. Plastics and rubber exports totaled US$1.59 billion, representing a 33.7% decline from a year earlier, while chemical exports dropped 35.6% year-over-year to US$1.44 billion. Machinery exports totaled US$1.66 billion, representing a 20.1% drop from a year prior.

As for May export destinations, the U.S. accounted for US$14.61 billion of orders or a 13.5% year-on-year decline. Exports to China dropped 20.9% to US$9.74 billion, while exports to Europe fell 34.9% from a year earlier to US$6.79 billion.

Meanwhile, exports to ASEAN nations grew 10.2% year-over-year in May to US$7.56 billion, while orders to Japan grew 0.1% from a year prior to US$2.68 billion.

Looking ahead to June, the MOEA is forecasting exports to come in between US$46.5 billion and US$48.5 billion, or a 17.6-21% year-on-year contraction, according to CNA.