Taiwan's export growth slows in September

Oct 7, 2010, 10:54 GMT

Taipei - Taiwan's exports rose for the 11th consecutive month in September, but only at 17.5 per cent year-on-year, down from August's 26.6-per-cent, the Finance Ministry said Thursday.

'The slowdown was mainly caused by the impact of a strong typhoon last month, which affected production of oil refining and petrochemical plants that had to close down for safety concern,' the ministry said.

Fall of prices in optical products, one of Taiwan's main export items, due to seasonal adjustment of inventory levels, was another reason for the slowdown.

September's exports were 1.65 billion US dollars, or 6.9 per cent, down from those in August, it said.

Compared with the same month last year, exports increased 3.33 billion US dollars in September to 22.4 billion US dollars, due to strengthening global demand for electronic and communication products, the ministry noted.

Imports rose 25 per cent year-on-year in September to 20.63 billion US dollars, but compared with August, the value was down 1.16 billion US dollars, or 5.3 per cent, as local firms needed less raw materials and components for manufacturing, it said.

China remained Taiwan's biggest market, accounting for 40.7 per cent of its total exports, buying goods worth 9.13 billion US dollars.

In second place were a bloc of six countries from the Association of South-East Asian Nations - Indonesia, Malaysia, the Philippines, Singapore, Thailand and Vietnam. They bought combined goods worth 3.34 billion dollars, or 14.9 per cent of the total, followed by the United States at 12.2 per cent and Europe with 10.4 per cent.

Taiwan, with few natural resources, relies mainly on exports to drive its economy. It produces electronics and electrical products, metals, textiles, plastics, chemicals and car parts.

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