September export orders fall 3.1%
By ECCT staff writers
Taiwan’s export orders came in at US$60.9 billion in September 2022, representing a decline of 3.1% compared with the same month in 2021. According to the Ministry of Economic Affairs, the fall in orders received by Taiwan's exporters in September was due to inventory adjustments by clients and a high base of comparison for the same period last year. However, the drop was partially offset by the launch of new smartphones by international brands and increasing demand for emerging apps, digital transformation and data processing in the cloud. This resulted in overall export orders for electronic and ICT products rising by more than 5% annually (measured in US dollars).
Broken down by export destination, export orders from Europe rose by 9.6%, while they also rose by 2.8% from the United States, 12.5% from ASEAN countries and 5% from Japan. However, orders from China contracted by 27.9% annually, which was attributed to lower consumer spending in China due to its “zero Covid” policy.
In the third quarter of 2022 overall, Taiwan’s exports contracted 1.1% year-on-year to US$169.78 billion, ending nine consecutive quarters of expansions, although for the first nine months of the year, they are up 5.7%.