Taiwan has experienced sequential export value decreases for the third consecutive month, casting a shadow over the country's economic growth outlook for next year.
Taiwan recorded exports totaling US$36.1 billion in November 2022, down 13.1% on year and hitting a 19-month low, according to statistics released by the country's Ministry of Finance (MOF). The total value of exports came to US$443.78 billion for the first 11 months of 2022, still rising 9.4% from a year earlier, however.
Electronic components remain a significant source of Taiwan's exports, but export value for the segment dropped in November 2022 ending a 42-month streak of sequential increases, according to the statistics.
The global end-market slowdown and ongoing inventory adjustments across many industry supply chains have also led to the falling value of export orders received by Taiwan-based companies in November 2022, according to Taiwan's Ministry of Economic Affairs (MOEA). Export orders for the month fell 23.4% sequentially to US$50.1 billion.
With Taiwan's economy being export-oriented, disappointing export results have prompted the country's National Development Council (NDC) to signal slow growth in its latest survey. The NDC uses a five-color spectrum to signal national economic health, with its monitoring indicator now turning to a "blue light" implying a contracting economy.
South Korea's export value also fell for the second consecutive month in November 2022, with the value of semiconductor exports falling nearly 30% on year, according to government statistics.
