Export orders last month fell more than expected, down 18.3 percent annually to US$42.12 billion, marking a sixth month of consecutive declines, the Ministry of Economic Affairs said yesterday.
On a monthly basis, export orders dropped 11.4 percent, the ministry said in a report.
The result missed the ministry’s earlier forecast of an annual drop of 6.9 to 10.8 percent to between US$46 billion and US$48 billion for the month.
Photo: CNA
The ministry attributed the sluggish performance to slowing end-market demand and continued inventory adjustments, while China’s recovery remains bumpy.
Last month’s disappointing figure brought combined export orders in the first two months of this year down 18.8 percent year-on-year to US$89.63 billion, ministry data showed.
The ministry forecast that export orders would drop this month by 20.2 to 23.4 percent annually to between US$48 billion and US$50 billion, as seasonal weakness continues to weigh on orders while macroeconomic conditions are reducing consumer spending.
As a result, first-quarter export orders are estimated to fall by between 19.3 and 20.5 percent from a year earlier to between US$137.6 billion and US$139.6 billion, it said.
The latest data showed export orders for information, communications and technology products last month shrank 20.3 percent, and other electronic goods dropped 21.9 percent, from a year earlier as increased shipments of smartphones, networking devices and servers were offset by slowing demand for chips, printed circuit boards and computer displays, the report said.
Optoelectronics products last month experienced a 38 percent annual contraction as flat panels and camera lenses continued to be affected by slowing customer demand and falling prices, it said.
The nation’s traditional sectors experienced the same downtrend as the tech sector, with orders for basic metals, machinery goods, plastics and chemical products last month shrinking from the same period last year by 21.5 percent, 16 percent, 22.8 percent and 26.9 percent respectively.
Orders from the US, China (including Hong Kong), Europe and Southeast Asia fell annually, with the Chinese market dropping the most by 35.5 percent, while Japan saw an increase of 5.5 percent from a year earlier, the report said.
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