Taiwan's total exports contracted 21.2% year-on-year to US$31.51 billion in the month of January while total imports fell 16.6% from a year earlier to US$29.17 billion, according to a report from the Ministry of Finance (MOF). Exports of electronics components, which account for the largest portion of Taiwan's outbound shipments, reached US$12.72 billion, down by 20.1% from January 2022.