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Financial News: Taiwan Exports Fall Most In Nearly 7 Years

Taiwan Exports Fall Most In Nearly 7 Years

12/07/2022 - 06:45:00 (RTTNews)

(RTTNews) - Taiwan's exports declined for the third straight month in November, and at the fastest pace in nearly seven years, largely due to a plunge in global demand for plastics and rubber articles, preliminary figures from the Ministry of Finance revealed on Wednesday.

Exports fell 13.1 percent year-over-year in November, much faster than the 0.5 fall in October. Economists had forecast a 6.7 percent drop.

Further, this was the fastest rate of decline since January 2016, when exports had declined 13.2 percent.

Shipments of plastics, rubber, and related articles fell the most by 33.4 percent annually in November, followed by base metals and related articles with a 28.3 percent decline.

Imports also slid 8.6 percent yearly in November, in contrast to an 8.2 percent rebound a month ago. Meanwhile, imports were expected to rise by 0.6 percent.

As a result, the trade surplus shrank to $3.43 billion in November from $5.77 billion in the corresponding month last year. The expected surplus was $3.20 billion.

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