TAIPEI – Taiwan’s exports fell for a fifth straight month in January due to a deteriorating global economy and factory closures during the long Lunar New Year holiday, with the outlook remaining poor in the short term.
Exports dropped 21.2 percent by value last month from a year earlier to $31.51 billion, the Ministry of Finance said on Tuesday.
That followed a 12.1 percent drop in December, and was slightly worse than Reuters poll forecast for a 20 percent contraction.
The ministry said seasonally weaker global demand after the year-end festive period and fewer working days, as the Lunar New Year fell in January this year, dragged on exports.
Taiwan’s total shipments of electronics components in January fell 20.1 percent to $12.72 billion, the worst decline in 11 years, with semiconductor exports down 18.3 percent from a year earlier. – Reuters
