World Economy

Taiwan Exports Drop Further

Taiwan Exports Drop FurtherTaiwan Exports Drop Further

Taiwan’s exports fell 11.8% year-on-year to $17.78 billion in February, declining for the 13th straight month amid weak global demand, according to statistics released Monday by the Ministry of Finance, CNA reported. The February export figures represented a ninth consecutive monthly double-digit drop in Taiwan’s exports, the longest losing streak since the global financial crisis of 2008-2009. Imports for the month, meanwhile, fell 13.1% from a year earlier to $13.63 billion. As a result, the trade surplus for the month was $4.16 billion, declining by $331 million year-on-year. The ministry attributed the steep year-on-year decline in February exports to fewer working days in the month due to the week-long Lunar New Year holiday. Finance Minister Chang Sheng-ford previously said Taiwan is expected to see another year-on-year decline in exports for March at a time when global demand has shown few signs of recovery. According to an estimate by the ministry of finance, it is unlikely that Taiwan will report a year-on-year increase in exports until the second half of this year, Chang added.