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MOEA reassures investors, citing stable export data

2011/08/21 18:41

Taipei, Aug. 21 (CNA) The Ministry of Economic Affairs (MOEA) reaffirmed its optimism Sunday on Taiwan economic prospects, saying that export orders in the third quarter are expected to remain at the same level, in an effort to reassure investors and boost their confidence.

Deputy Minister of Economic Affairs Lin Sheng-chung made the remarks after Taiwan stocks plunged 272 points, or 3.57 percent, Aug. 19 amid the recent global stock unease triggered by the credit crises in the United States and Europe.

There is no reason to be negative about Taiwan's economic outlook, Lin said, adding that the country's fundamentals and export momentum remain normal.

"The hope is that the market fluctuation is only short term," Lin went on.

Lin told CNA that the MOEA forecast that the export orders in the third quarter are expected to remain unchanged.

In addition, export orders amounted to US$37.59 billion in July, representing an 11.12 percent growth year-on-year, Lin noted.

However, the latest statistics show that export orders in August might be weaker than in July, showing that the likelihood of cooling sales in a traditional hot season has risen.

(By Lin Shu-yuan and Hanna Liu) ENDITEM/J