Taiwan’s exports fell by 2.4 percent in October over the previous month to 26.53 billion U.S. dollars, as demand from the United States and Europe slumped, the island’s finance authorities said in a report on Thursday.
Compared with the same period last year, Taiwan’s exports fell by 1.9 percent in October.
In the first ten months of the year, Taiwan’s exports stood at 250.13 billion U.S. dollars, marking a year-on-year drop of 3.7 percent.
Meanwhile, imports reached 23.27 billion U.S. dollars in October, rising by 0.8 percent over the previous month, or a 1.8-percent decrease over the same period last year.
In the first ten months of the year, imports stood at 227.26 billion U.S. dollars, marking a year-on-year decline of 4.7 percent.
The report said that although Taiwan’s exports to the Chinese mainland and other Asian economies rose in October over the same period last year, demand from the United States and Europe declined substantially.
The island’s exports to the Chinese mainland and Hong Kong reached 10.53 billion U.S. dollars in October, a 0.3-percent increase over the same period last year.
Its exports to the six southeast Asian economies, namely Indonesia, Malaysia, the Philippines, Singapore, Thailand and Brunei, also rose by 7.0 percent to 4.85 billion U.S. dollars.
But demand from the United States and Europe fell by 9.5 percent and 11.0 percent, respectively, offsetting gains from the island’s other trade partners.
The report said that weak demand from major Western economies was mainly to blame for Taiwan’s lackluster export performance in October.
However, the report said Taiwan’s exports are expected to grow slightly in the last quarter of the year, as the global economy has shown signs of stabilization.