Taiwan's exports likely to fall again in November

59
1
Taiwan's exports likely to fall again in November

TAIPEI Reuters -- Taiwan's exports likely dropped in November for the third month in a row, and at a much sharper pace amid fears of a global recession, uncertainties due to the war in Ukraine, and COVID 19 flare-ups in China, according to a Reuters poll.

Taiwan, a global hub for chip production and key supplier to Apple Inc, is one of Asia's leading exporters of technology goods. Trade data is an important indicator of world demand for tech gadgets.

Exports last month were estimated to have dropped 6.7% from a year ago, a Reuters poll of 16 analysts showed on Monday, faster than the 0.5% contraction in October.

The export forecasts varied, suggesting a contraction between 0.67% and 10.7%, reflecting uncertainties over the global economy, supply chain disruptions due to the pandemic lock downs and power shortages in China, as well as the fallout of Russia and Ukraine war.

Taiwan's finance ministry had predicted that November exports could contract in a range of 5% to 8% from a year earlier.

In November, the consumer price index was expected to have increased by 2.5% from a year earlier, but it was slower than the 2.72% in October, according to the poll.

The trade data on Wednesday will be released on Tuesday and the inflation data will be released on Tuesday.