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Exports across all sectors plunge in January
28
Feb '09
The Taiwan Ministry of Economic Affairs recently announced that export orders in January fell to US $17.68 billion, down 41.67 percent over the same period last year. Shipments had also fallen by 33 percent y-o-y in December 2008.

The main reason according to the Ministry is the substantial reduction of orders received by the consumer electronic products industry in January. Consumer electronic shipments fell by 38 percent compared to that in January 2008.

Taiwan's industrial output and export orders have started shrinking since October last year, mainly due to the slowdown in demand from the IT hardware sector, which is the main pillar of the economy in Taiwan.

Like other Asian export-oriented economies, Taiwan's economy plunged into recession. Gross Domestic Product (GDP) declined 8.36 percent year-on-year in the fourth quarter, leading to the biggest drop in history.

Taiwan's industrial output in January fell 43.11 percent over the same period last year, which also represented the largest decline. Exports orders fell by 36.75 percent to $4.56 billion from the US in January.

From amongst other countries, orders from Mainland China and Hong Kong too dropped by 54.71 percent to $3.66 billion, of that from EU plunged by 30.73 percent to $3.68 billion and to Japan descended by 35.07 percent to $1.86 billion.

Fibre2fashion News Desk - China

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