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Taiwan Nov exports shrink most since 2016 as global demand falters

Updated: 07-12-2018 14:19 IST
Taiwan's exports unexpectedly contracted in November, on tepid demand for the island's technology exports amid lingering concerns over global trade protectionism.

November exports fell 3.4 percent from a year earlier, finance ministry data showed on Friday, as against a forecast for a growth of 2 percent in a Reuters poll of analysts. In October, the island's exports rose 7.3 percent.

The fall also marked the second monthly contraction this year, following on February's negative exports growth. It is also the steepest drop since May 2016, when exports contracted 9.55 percent, according to government data.

"The main reason is the sales of international brand smartphones did not meet expectations, and that overseas machinery investment demand turned weak," the finance ministry said in a statement.

The two categories most negatively affected in November were optical equipment, which fell 17.5 percent compared to a year ago, and machinery which fell 13.4 percent, it added.

(Reporting by Emily Chan; Writing by Jess Macy Yu; Editing by Sunil Nair)

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)