Taiwan's July exports plunge 11.6%

Shrinking overseas demand for information technology and telecom products led to a year-on-year decline of 11.6 percent in Taiwan's export in July, the government said Tuesday.

The $24.9 billion fall was a fifth consecutive monthly drop in the island's exports. It was led by a 20.0 percent fall in exports to the United States, the finance ministry said in a statement.

Shipments to Europe declined 14.4 percent while those to China, the island's biggest overseas market, were down 11.0 percent, it said.

The weak demand for Taiwan's telecom items was reflected in leading smartphone maker HTC's worse-than-expected 45 percent slump in July sales from the previous year, according to sales figures released by the company.

The island's export totaled $171.65 billion in the seven months to July, down 5.8 percent from a year ago.

Taiwan's trade-reliant economy has shown signs of weakness in recent months due to falling demand from its key markets China, Japan and the United States.

The economy dropped 0.16 percent in the second quarter of 2012, the first quarterly contraction since 2009, according to the government.

Editor’s note:Yahoo Philippines encourages responsible comments that add dimension to the discussion. No bashing or hate speech, please. You can express your opinion without slamming others or making derogatory remarks.

  • Viernes Santo in Kalibo VERA Files - The Inbox
    Viernes Santo in Kalibo

    Photos by Little Wing Luna, VERA Files Text by Mitch Meñez Kalibo, Aklan--Viernes Santo or Good Friday is the most solemn of all the days in Holy Week. It commemorates the Passion and Death of Jesus on the Cross. The … Continue reading → …

  • Hugas Dugo VERA Files - The Inbox
    Hugas Dugo

    Text by Kimmy Baraoidan, VERA Files Photos by Chris Quintana and Kimmy Baraoidan Pakil, Laguna--In the small town of Pakil, Laguna resides a group of men who call themselves Hugas Dugo. Most members of the group are residents of the … Continue reading → …

  • Lenten procession more than just a spectacle VERA Files - The Inbox

    Text and photos by Kiersnerr Gerwin Tacadena, VERA Files Baliuag, Bulacan--This town is hosting what could be the country’s biggest Lenten procession consisting of more than 100 religious statues riding on carriages or carrozas. But concerns are being raised that … Continue reading → …

POLL
Loading...
Poll Choice Options