Last month’s double-digit percentage point decline in exports has continued into this month, an ominous sign for the nation’s export-oriented economy, Minister of Finance Chang Sheng-ford (張盛和) said yesterday.
Chang made the remarks in answer to questions by lawmakers at a meeting of the legislature’s Finance Committee.
“The decline in exports has yet to show signs of easing, based on data from the first two weeks of this month,” Chang said.
The nation’s outbound shipments contracted 11 percent year-on-year last month, falling by double digits for the fifth consecutive month and defeating expectations that external demand would pick up with the approaching holiday season in the West.
Earlier this month, Chang said the exports situation might improve this month, banking on the strong sales of Apple Inc’s new iPhone models.
Chang declined to answer when legislators asked if Taiwan’s GDP could manage 1 percent growth this year following a contraction of 1.01 percent last quarter.
Exports are part of the nation’s overall economic performance and the Directorate-General of Budget, Accounting and Statistics (DGBAS) has a better grasp of the issue, he said.
The statistics agency is slated to update GDP and income figures on Friday next week. In August, it forecast the economy to grow 1.56 percent this year from last year.
DGBAS Minister Shih Su-mei (石素梅) said the forecast is difficult to realize in light of worse-than-expected export figures.
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