Taiwan exports to six South Asian countries post record fall
Taipei, Aug. 13 (CNA) Taiwan's exports to six countries in South Asia in the first seven months of 2020 saw their biggest ever year-on-year fall, the Ministry of Finance (MOF) reported on Thursday.
Due to lockdown restrictions and border control measures imposed by governments across the globe amid the COVID-19 pandemic, Taiwan's outbound shipments to India, Pakistan, Bangladesh, Sri Lanka, Nepal and Bhutan plunged 35.7 percent from the same period last year to US$2.122 billion.
The figures fell to roughly the same as the US$2.143 billion posted in 2004, when data was first recorded, MOF data showed.
From 2004-2010, Taiwan's exports to the six South Asian countries, mainly rubber, chemicals, basic metals and conventional products, rose from around US$2.1 billion per year to US$5 billion per year, peaking at US$6.37 billion in 2011 as a result of economic expansion in some of those countries, the same tallies indicated.
Taiwan's exports to the six countries fell 10 percent to US$5.46 billion in 2019, following a string of annual increases, due to lower demand for plastic products from South Asian countries.
India, the largest market in the region, imported US$1.255 billion worth of Taiwanese products from January to July, a 36.9 percent decrease year-on-year, chiefly caused by a drop in exports of rubber, chemical, textile, machinery and mineral goods to the country.
Bangladesh, the second largest export market for Taiwan in the region, bought US$460 million worth of Taiwanese products during the same period, a 33.3 percent fall from the previous year.
Pakistan saw the largest contraction of 41.9 percent in imports from Taiwan, which reached US$243 million in the seven-month period, while Sri Lanka imported US$158 million of Taiwanese products, a 19.7 percent decline, MOF statistics showed.
Meanwhile, Taiwan's exports to Nepal and Bhutan totaled less than US$6 million during the same period, the MOF said.
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