Financial News: Taiwan Export Orders Plunge 10.4%

Taiwan Export Orders Plunge 10.4%

03/20/2024 - 07:55:00 (RTTNews)

(RTTNews) - Taiwan's export orders decreased unexpectedly in February after recovering in the previous month, according to data released by the Ministry of Economic Affairs on Wednesday.

Export orders fell 10.4 percent year-over-year in February, reversing a 1.9 percent gain in January, which was the first increase in three months. Meanwhile, orders were expected to increase by 1.3 percent.

Orders for transport equipment fell the most by 25.5 percent, followed by electrical machinery products, which plunged by 23.2 percent. Foreign orders for textile products declined by 20.4 percent.

On a monthly basis, export orders tumbled 22.1 percent versus a 10.5 percent strong rebound a month ago.

In New Taiwan dollar terms, export orders decreased 6.7 percent annually and by 21.5 percent monthly in February.

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