January exports decline 21.2%

By ECCT staff writers

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.

Based on MOF statistics, exports to mainland China fell by 34.3% while exports to the United States and ASEAN countries fell by 14.5% and 26.7%. However, exports to Europe and Japan increased by 2.5% and 3.1%, respectively, albeit from a low base in the same month in 2022. Imports from Europe fell by 12.4%, less than the percentage drop in imports from China, which declined by 27.4%. Imports from the United States, ASEAN, and Japan also fell by 11.5%, 10.8%, and 21.8%, respectively.