Taiwan’s exports plunge at fastest pace in 14 years in June on weak US, mainland China demand

Taiwan’s exports plummeted by 23.4 per cent to US$32.3 billion last month compared to a year earlier, marking the fastest pace of declines since August 2009

Imports, meanwhile, dropped by 29.9 per cent from a year earlier, following a 21.7 per cent tumble in May

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Taiwan’s exports fell by 23.5 per in June, year on year. Photo: AFP

Published: 5:22pm, 7 Jul 2023Updated: 6:41pm, 7 Jul 2023

Taiwan’s exports fell more than expected in June, clocking their worst decline in almost 14 years, as the island struggled with persistent weakness in demand from the United States and mainland China for its tech products, as well as a dour outlook.

June exports plunged by 23.4 per cent in value, year on year, to US$32.32 billion, the finance ministry said on Friday, marking the 10th consecutive month of decline.

That was worse than a fall of 14.1 per cent in May and missed a Reuters poll forecast for a 13.35 per cent contraction.

It marked the fastest pace of declines since August 2009.

Taiwan’s export-reliant economy will probably grow more slowly in 2023 than previously forecast, the government has said, as first-quarter gross domestic product fell by a revised 2.87 per cent, year on year, slipping into recession and notching its worst performance since 2009.

Total shipments of electronic components in June fell by 21.3 per cent from the year before to US$13.58 billion, with semiconductor exports down by 20.8 per cent, it said.

“The demand for integrated circuits continues to be weak,” the finance ministry said in a statement accompanying the data.