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Taiwan's exports decline for ninth consecutive month

2015/11/09 18:09:00

Taipei, Nov. 9 (CNA) Taiwan's exports dropped 11 percent to US$23.94 billion in October, declining for the ninth month in a row, according to statistics released Monday by the Ministry of Finance.

The October figures represented a fifth consecutive monthly double-digit drop in Taiwan's exports.

Imports in October, meanwhile, fell 20 percent from a year earlier to US$17.82 billion. As a result, the trade surplus for that month was US$6.12 billion.

In the first 10 months of the year, Taiwan's exports dropped 9.6 percent year-on-year to US$236.31 billion, while its imports fell 16.8 percent to US$191.65 billion, creating a trade surplus of US$44.66 billion.

The Ministry of Finance attributed the plummet in exports to slumping international oil prices, saying it has caused a plunge in demand for mineral and plastic products.

Furthermore, the launch of iPhone 6S in October did not bring much benefit to Apple Inc.'s suppliers, with the electronics sector recording lower-than-expected performance, according to the ministry.

Exports in the last two months of the year, however, are expected to improve gradually, as the holiday shopping season approaches in Europe and the United States, and as the U.S. economy recovers, Finance Minister Chang Sheng-ford (張盛和) said.

(By Tsai Yi-yu and Christie Chen)