Taiwan Export Orders Plunge 24.9%, More Than Forecast

(RTTNews) - Taiwan's export orders continued to decline sharply for the tenth consecutive month in June, and at a faster-than-expected pace, according to data released by the Ministry of Economic Affairs on Thursday.

Export orders registered a double-digit annual fall of 24.9 percent in June, which was worse than the 17.6 percent decrease in May. The expected fall was 20.0 percent.

The drop in material prices, coupled with the lifting of the blockade in mainland China in the same month of the previous year, and the effect of deferred orders were due to the high comparison base, the ministry said.

Orders for mineral products decreased the most, by 52.6 percent, followed by chemicals with a 34.2 percent slump. Likewise, foreign orders for plastic, rubber, and related materials were down notably by 32.4 percent.

On a monthly basis, export orders dropped by a seasonally adjusted 3.3 percent in June.

In New Taiwan dollar terms, export orders decreased by 21.9 percent yearly and by 3.0 percent monthly in June.