Taiwan's exports post worst fall in 14 years in June as China, U.S. demand weakens

July 7, 2023

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by Roger Tung and Faith Hung

Taipei (Reuters) )- Taiwan’s exports fell more than expected in June, hitting a near For years, the island has been fighting with the US and China The company is battling persistently weak demand for its technology products and a gloomy outlook.

Exports dropped sharply in June . $19. 14 billion, the Treasury Department said Friday, marking the Declined for one month in a row. This is worse than falling . . 19%shrink.

Growth of Taiwan’s export-dependent economy may be at 36 The government said that as the GDP in the first quarter was revised down by 2. WORST PERFORMANCE. The total shipments of electronic components in June decreased .3% increase to $. 21 billion US dollars, semiconductor exports fell .8%, it said.

The outlook remains bleak, the ministry said on Friday, adding that July exports are expected to fall between % and. Inflation and broad uncertainty in the global economy have put enormous pressure on foreign trade.

Govt says exports may not recover until September at the earliest Or November at the latest, as orders increase during the traditionally busy Christmas season.

Taiwanese companies, such as TSMC, the world’s largest contract chipmaker, are Major Apple Inc. (NASDAQ:

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), Nvidia (NASDAQ: 100NVDA

) and other global technology giants, in addition to providing chips and low-end consumer products for car companies. TSMC Scale Smaller rival UMC reported a drop in June sales on Thursday .

in $. 19 Taiwan’s exports to the mainland decreased in June . Decline over the same period .4%.

Exports to the United States have declined . Following The annual rate fell 2% in June after a 3.5% annualized decline in May. Taiwan’s June imports (usually considered a leading indicator of re-exports of manufactured goods) fell 16.9% to $. billion. Compared with the forecast of economists .7% drop and . It fell 7% in May. 36

Taiwan's exports post worst fall in 14 years in June as China, U.S. demand weakens

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