Taiwan April exports slip for 8th month, but beat forecasts
Reuters
Published May 08, 2023 05:22AM ET
Updated May 08, 2023 06:18AM ET
By Roger Tung and Faith Hung
TAIPEI (Reuters) - Taiwan's exports exceeded analyst forecasts but still contracted for the eighth straight month in April, as demand for its tech products remained soft, especially from its biggest market China.
Exports last month were down 13.3% by value from a year earlier at $35.96 billion, the Ministry of Finance said on Monday.
The was better than a 19.1% annual drop in March and topped a Reuters poll forecast for an 18.15% contraction.
The island's export-driven economy contracted more than expected in the first quarter and slipped into recession.
Taiwan's total shipments of electronic components in April fell 8.6% from the year before to $15.74 billion, with semiconductor exports down 7.1%, it said.
Looking ahead, the ministry expects May exports to decline between 12.5% and 15.5% on year, while the drop in shipments in the first half is set to be the biggest in 14 years, it said.
The ministry also reiterated that the weakness in exports would not turn around until the fourth quarter.
Firms such as TSMC, the world's largest contract chipmaker, are major suppliers to Apple Inc (NASDAQ:AAPL) and other global tech giants, as well as providers of chips for auto companies and lower-end consumer goods.
At $12.74 billion in April, Taiwan's exports to China were down 22%, after showing a 28.5% annual drop in the prior month.
The finance ministry said global inflation and ongoing monetary tightening in major economies would continue to weigh on external demand, coupled with other risks such as the war in Ukraine and China-U.S. trade tensions.
Exports to the United States fell 10.3% in April, after slumping an annual 20.7% in March.
Taiwan's April imports, often seen as a leading indicator of re-exports of finished products, fell 20.2% to $29.25 billion. That compared with economists' forecast of an 18.0% decline and a 20.1% fall in March.
Get The News You Want
Written By: Reuters
Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.