Taiwan posted a year-on-year increase in exports of more than 2 percent for the first nine months of this year, after inflationary adjustments, despite trade frictions between the US and China affecting global demand, the Ministry of Finance said.
Data compiled by the ministry showed that real growth in exports was 2.8 percent in the nine-month period, compared with a 2.5 percent fall in nominal terms.
The real export growth figure excludes inflationary effects to better reflect the reality of Taiwan’s export performance, the ministry said.
In terms of real exports growth, Taiwan outperformed the three other Asian Tigers, with Hong Kong down 6 percent in the January-to-August period, South Korea down 1.4 percent through September and Singapore down 4 percent through August, it said.
Taiwan has enjoyed gradual growth in real exports this year, the ministry said, adding that growth in the first quarter was up 0.7 percent from a year earlier, with a rise of 3.8 percent in the second quarter and 4.9 percent in the third quarter, while Hong Kong, South Korea and Singapore remained in the doldrums in terms of outbound sales.
In terms of nominal export growth, Taiwan was also relatively resilient, posting a 2.5 percent year-on-year decline in the first nine months, while Hong Kong dropped 4.2 percent from January to August, Singapore recorded a 5.8 percent fall in the same period and South Korea posed a steep drop of 9.8 percent for January to September, the ministry said.
Among the 12 export-oriented economies in the region that featured in the ministry’s report — other than the Philippines, India and Vietnam, which posted 4.2 percent, 2.5 percent and 7 percent year-on-year increases respectively in exports in nominal terms so far this year — the other nine reported falls.
The other economies in the 12 are China, Japan, Thailand, Malaysia and Indonesia, the ministry said.
Weakness in exports in the 12 economies largely reflected the impact of trade disputes between Washington and China, although China only had a 0.1 percent year-on-year decline in the first nine months, ministry data showed.
DEVELOPING TALENT: The electronics contractor is looking to recruit people to work in core tech fields and emerging industries like electric cars and robotics Hon Hai Precision Industry Co (鴻海精密), the world’s largest contract electronics maker, has launched a recruitment drive, offering a monthly salary of no less than NT$45,000 (US$1,485) to university graduates. For those with a master’s degree, the starting pay would be NT$52,000 per month at the minimum, while doctorate degree holders would receive at least NT$60,000 a month, Hon Hai said a statement issued early this week. The latest recruitment drive is aimed at attracting talent in core technology fields — artificial intelligence, semiconductors and next-generation mobile communications — and emerging industries — electric vehicles, digital healthcare and robotics, the
NEW CONSIDERATIONS: An airline manager said the idea is tempting, as demand for air cargo is strong, but issues such as training loaders would need to be addressed Taiwanese airlines might repurpose passenger jets to carry cargo in their cabins to offset lost revenue amid the COVID-19 pandemic. Airlines are considering applying to the Civil Aeronautics Administration (CAA) for permission to transport cargo in passenger cabins after StarLux Airlines Co (星宇航空) last month became the first among the nation’s airlines to offer cargo-only flights using the normal cargo holds of its three Airbus SE A321neo passenger jets. “We are considering whether to increase our capacity by putting cargo on passenger seats,” Starlux spokesman Nieh Kuo-wei (聶國維) told the Taipei Times by telephone. “The advantage is that we can improve revenue,
GLOBAL CUTS: CEO Warren East said the firm’s focus was on strengthening financial resilience, so it would likely reduce salary costs by at least 10% this year Rolls-Royce Holdings PLC is scrapping its targets and final dividend to shore up its finances as the British aero-engine maker’s customers around the world ground planes due to the COVID-19 pandemic. Rolls-Royce, one of Britain’s most historic industrial names, which before the pandemic struck was trying to emerge from a multiyear turnaround plan, has suspended its dividend for the first time since 1987. The company’s engines power Airbus SE and Boeing Co’s widebody jets, but more than 60 percent of that fleet is now grounded, according to aviation data provider Cirium. Rolls-Royce is paid by airlines based on how many hours they fly. Over
PAINFUL CONTRACTION: Passenger loads in February on flights between Taiwan and China, Hong Kong and Macau fell by more than 90 percent compared with December Even with more than NT$450 billion (US$14.85 billion) in financial aid from the Executive Yuan’s expanded relief package, local tourism-related businesses are unlikely to rebound from the COVID-19 pandemic any time soon, a central bank report released last month said. The NT$1.05 trillion relief package includes NT$472 billion in financial assistance for tourism and transportation sectors, such as airlines, hotels, travel agencies, taxis and tour buses. However, a March 20 central bank report said that the effects of the COVID-19 pandemic on global and domestic economies are far greater than that of the 2002-2003 SARS epidemic, despite any benefits from delayed purchases