TAIWANESE exports fell 1.5 per cent in October year on year, a bigger contraction than the 0.68 per cent drop predicted in a Reuters analyst poll.
Taiwan October exports slip 1.5pc as South Korea's rise 7.3pc
TAIWANESE exports fell 1.5 per cent in October year on year, a bigger contraction than the 0.68 per cent drop predicted in a Reuters analyst poll.
This follows a seven per cent year-on-year decline in September as the Ministry of Finance warned not expect better performance in November.
Rival high-tech exporter South Korea increased its exports 7.3 per cent in same period, while Taiwan's previous growth markets, mainland China and to the US, declined.
The ministry said the October contraction was primarily because of a "huge decline" in exports of precision products, down 25 per cent year on year.
TSMC, the world's largest contract chipmaker, posted record profits while smartphone maker HTC posted its first quarterly loss. Computer vendor Acer Inc said it would cut seven per cent of its workforce following a loss.
Taiwan export orders, which typically lead actual exports by two to three months, in September rose by two per cent year on year with US orders up seven per cent, but those from China fell 6.1 per cent.
Exports to Europe increased 6.7 per cent.
Rick Lo, senior economist at Fubon Financial Holdings in Taiwan, said the weakness "demonstrates that the structure of our industry has a problem."
Given South Korean growth, and upturns in the US and Europe, "it really looks like our economy lacks competitiveness", he said.