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Bloomberg
Taiwan’s export orders plummeted by the most since the height of the global financial crisis more than a decade ago, a sign of worsening global demand for technology products.
Overseas orders to Taiwanese firms fell 23.4% in November from a year earlier, according to a statement from the Economics Ministry. That was almost double the 12.8% drop economists had forecast in a Bloomberg survey and was the sharpest decline since March 2009.
The plunge in orders is the latest indication rising inflation is weighing heavily on global demand for consumer goods in the run-up to the peak holiday shopping season. Taiwan’s
exports fell more than 13% in November, far worse than economists had predicted, data from the finance ministry showed earlier this month.
Data from China and South Korea paint a similar picture, with deeper declines in exports recorded last month.
Taiwan’s orders for all major product categories fell, with optical products, plastics and basic metals registering the biggest contractions.
Electronic products, which includes orders for semiconductors, fell by 15.2% versus November 2021.