Financial News: Taiwan Export Orders Plunge 18.1%, More Than Forecast

Taiwan Export Orders Plunge 18.1%, More Than Forecast

05/22/2023 - 05:18:00 (RTTNews)

(RTTNews) - Taiwan's export orders continued to decline sharply for the eighth consecutive month in April, though at a slower pace, according to data released by the Ministry of Economic Affairs on Monday.

Export orders registered a double-digit annual fall of 18.1 percent in April, which was slower than the 25.7 percent plunge in March. That was well above the 13.9 percent decline that economists had expected.

Orders for plastic, rubber, and related articles plunged the most, by 36.6 percent, while those for chemicals fell by 35.1 percent. Likewise, foreign orders for textile products were down notably by 27.3 percent.

On a monthly basis, export orders dropped a seasonally adjusted 2.8 percent in April versus a 4.3 percent decrease in March, data showed.

In New Taiwan dollar terms, export orders decreased by 14.1 percent yearly and by 8.8 percent monthly in April.

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