Taiwan’s exports declined for the first time in nearly two years in September, defying economists’ forecast for a further rise, preliminary figures from the Ministry of Finance revealed on Friday.
Exports fell 2.4 percent year-over-year in September, reversing a 3.5 percent rise in the previous month. Economists had forecast a sharp growth of 7.0 percent.
Further, this was the first decrease since November 2020.
Exports of base metals and articles of base metals logged the steepest fall of 26.6 percent annually in September. This was closely followed by a 25.2 percent decline in plastics, rubber and articles thereof.
At the same time, exports of electronic product parts rose 1.4 percent.
Imports also slid 5.3 percent yearly in September, in contrast to a 2.0 percent gain a month ago. Meanwhile, imports were expected to rise by 1.5 percent.
The trade surplus shrank to $5.02 billion in September from $6.32 billion in the corresponding month last year. The expected surplus was $4.23 billion.
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