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Taiwan's export orders fall for 14th straight month

11/20/2023 06:56 PM
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CNA file photo
CNA file photo

Taipei, Nov. 20 (CNA) Continued global demand weakness sent Taiwan's October export orders falling more than 4 percent from a year earlier, marking the 14th consecutive month-on-month decline, the Ministry of Economic Affairs (MOEA) said Monday.

Data compiled by the MOEA showed the country's export orders stood at US$52.87 billion in October, down 4.6 percent from a year earlier at a time of lingering inventory adjustments amid high inflation and aggressive rate hikes by the major central banks in the world.

The decline, however, moderated significantly from a 15.6 percent year-on-year fall in September, the data indicated.

October export orders came at the higher end of the MOEA's previous forecast which said the monthly export orders would range from US$51.0 billion to US$53.0 billion, down 4.3-7.9 percent, according to the MOEA.

In the first 10 months of this year, Taiwan's export orders hit US$466.6 billion, down 17.3 percent from the same period a year earlier, the MOEA's data showed.

In October, the electronic components industry received US$18.81 billion in export orders, down 0.3 percent from a year earlier, marking the ninth straight month of year-on-year decline, the MOEA said.

Semiconductor suppliers, including pure play wafer foundry operators, meanwhile, saw their export orders increase, offsetting the impact from inventory adjustments faced by other electronic component makers, the ministry said.

According to the MOEA's data, the information and communications industry reported a 5.2 percent year-on-year decline in exports which totaled US$17.5 billion in October, while server and graphics card vendors received an increase in export orders.

It was the 12th consecutive monthly year-on-year decline for the industry, the data indicated.

Bucking the downtrend, the optoelectronics equipment industry generated US$1.67 billion in export orders, up 13.8 percent from a year earlier on the back of a spike in flat panel prices and an increase in camera lens orders, the MOEA said.

Old economy industries continued to suffer a year-on-year fall in export orders in October due to a slower global economy, the MOEA said.

The base metal industry, which suffered falling demand for steel products, reported a 5.4 percent decline in export orders valued at US$1.99 billion in October, according to the MOEA.

The machinery industry generated US$1.47 billion in export orders, down 12.8 percent from a year earlier, as clients scaled back investments for production expansion amid weakening demand, it said.

Export orders received by the plastics/rubber industry fell 6.9 percent from a year earlier to US$1.51 billion as an increase in global supplies sent product prices lower, while the chemical industry, which continued to suffer falling demand from end-users, reported US$1.33 billion in export orders, down 11.5 percent from a year earlier.

In October, the United States placed the largest number of orders with Taiwanese firms, with value totaling US$17.0 billion, down 1.4 percent from a year earlier, the MOEA said.

ASEAN countries came second after placing US$10.82 billion in export orders, soaring 94.9 percent from a year earlier, due to growing demand for information and communications items, it said.

China and Hong Kong took third spot after placing US$10.63 billion in export orders in October, up 1.2 percent from a year earlier, ahead of Europe (US$7.65 billion, down 45.8 percent) and Japan (US$2.55 billion, down 17.6 percent), the MOEA added.

(By Liu Chien-ling and Frances Huang)

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