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Taiwan exports dropped 19.1% in March y/y, deteriorating further from February’s 17.1% fall and marking a seventh month of consecutive y/y contractions, data released by the Ministry of Finance on Tuesday showed.
Most major regions saw demand fall, with exports to Mainland China & Hong Kong, ASEAN, Japan, the U.S.A., and Europe declining by 28.5%, 11.6%, 16.9%, 20.7%, and 3.1%, respectively. Demand for imports fell by 20.1% y/y, the fifth month of decline, with falls in electronic products, mineral products and machinery -- declining 34.8%, 31.7%, and 4.7%, respectively.
Taiwan’s Central Bank recently revised its forecast for 2023 growth downward to 2.21% from previous 2.53%.
Source: Taiwan Ministry of Finance
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.