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MNI BRIEF: Taiwan's Exports Slump In November

MNI (BEIJING)
MNI (Beijing)

Taiwan's exports fell 23.4% y/y in November to USD50.1 billion, a sharp acceleration from the 6.3% y/y drop reported in October, according to the Ministry of Economic Affairs on Tuesday.

November's data marked the third consecutive month of deterioration as exports to major regions cooled. Exports to Europe and Mainland China & Hong Kong dropped 16.7% and 29.1% respectively. Electronic products and information & communication products fell 4% and 21.4% y/y respectively. The only exports showing growth were mineral products, which rose 28.1%.

Taiwan’s central bank said last week that exports faced “headwinds from the anticipated global economic downturn” as it raised interest rates to the highest level since 2015 and downgraded its 2022 growth forecast to 2.91% from 3.51%. (SEE MNI BRIEF: Taiwan Hikes Base Rate 12.5bp To Highest Since 2015)
MNI Beijing Bureau | lewis.porylo@marketnews.com
MNI Beijing Bureau | lewis.porylo@marketnews.com

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