TAIPEI: Exports from Taiwan have fallen far more than expected and at the fastest rate since the deepest days of the financial crisis, a worrying sign for the global economy in the run-up to Christmas.
Exports fell 16.9 per cent year-on-year in November, compared to expectations of a 10.6 per cent fall, data from the ministry of finance show. This is the biggest fall since August 2009, when they fell 24.6 per cent.
Annual exports had already fallen by 11 per cent in October this year.
The news is bad not just for the export-focused Taiwanese but for many manufacturers, who rely on the southeast Asian nation for components in technology products. A slump for such an important economy in the global supply-chain raises something of a red flag for global growth prospects.
Imports fell 13.7 per cent year-on-year in November, versus expectations of a 19.7 per cent fall. They had plunged 20 per cent in October.
