Export orders from China last month contracted by 28 percent annually to US$11.55 billion, as Beijing’s “zero COVID” policy hurt the world’s second-largest economy and curtailed Chinese consumer spending, the ministry said. Taiwan’s exports last quarter contracted 1.1 percent year-on-year to US$169.78 billion from US$171.71 billion, ending nine consecutive quarters of expansions. Photo: CNAThe fourth quarter is expected to have a weak start, as export orders are forecast to drop at an annual rate of between 1 percent and 3.6 percent, or US$57 billion and US$58.5 billion, the ministry said. The US’ latest semiconductor export controls on China should have limited effect on local companies based on its preliminary assessment, it said. Orders for base metals dipped 31 percent year-on-year and 6.1 percent monthly to US$2.23 billion last month, amid soft demand for steel products worldwide, the data showed.

Source: Taipei Times October 20, 2022 16:46 UTC