MNI BRIEF: Taiwan Export Orders Down In February

Taiwan's export orders fell 18.3% y/y in February, the sixth consecutive month of contraction but a slight easing from January’s 19.29% y/y drop, according to the Ministry of Economic Affairs on Monday.

Decreases were recorded across all major regions, with a fall of 35.7% from Mainland China and Hong Kong, and 16.2% decline from ASEAN, when measured in Taiwan dollar terms. Chemical export orders were down 27%, with plastics falling 32.0%.

Authorities recently downgraded Taiwan's GDP growth projections for 2023 by 0.63% to 2.12% from the previous forecast, saying exports of goods and services will grow 0.04% this year.