Economic news

Taiwan Exports Seen Declining for 4th Month in Dec: Poll

  • Exports median forecast -13.3% y/y (prior month -13.1%)
  • Imports median forecast -10.2% y/y (prior month -8.6%)
  • Balance median forecast $3.45 bln (prior month $3.43 bln)
  • CPI median forecast +2.5% y/y (prior month +2.35%)

TAIPEI, Jan 5 (Reuters) - Taiwan's exports in December likely dropped from a year earlier for the fourth month in a row amid fears of a global recession, uncertainties due to the war in Ukraine, and COVID-19 controls in China, according to a Reuters poll.

Taiwan, a global hub for chip production and a key supplier to Apple Inc, is one of Asia's leading exporters of technology goods. The trade data is seen as an important gauge of world demand for tech gadgets.

Exports last month were estimated to have dropped 13.3% from a year earlier, a Reuters poll of 12 analysts showed on Thursday, slightly faster than the 13.1% annual contraction seen in November.

The export forecasts varied widely, projecting a contraction of between 7.9% and 19.5%. The variation reflected uncertainties over the global economy, supply chain disruptions due to pandemic lockdowns in China, and the fallout of Russia and Ukraine war.

Taiwan's finance ministry said last month December exports could be down by 8% to 12% from a year earlier.

Separately, the consumer price index was expected to have been 2.5% higher in December than a year earlier, rising faster than the 2.35% annual rate seen in November, according to the poll.

The inflation data will be released on Friday followed by the trade data on Saturday.

Reporting By Yimou Lee; Polling by Anant Chandak; Editing by Bradley Perrett

Source: Reuters

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