He cited global headwinds including the US Federal Reserve’s rate hikes, and slowdowns in the US and Europe, which are major trading partners for Taiwan. Global demand for many products has waned as inflation elsewhere skyrockets and several major economies face the prospect of a slowdown or recession. August export growth in Taiwan slowed to just 2 percent, the slowest pace in more than two years, prompting Department of Statistics Director-General Beatrice Tsai (蔡美娜) to warn at the time that “winter is coming” earlier than expected. Almost 40 percent of Taiwan’s exports went to Hong Kong and China for the first eight months of the year, ministry data showed. Sporadic lockdowns there have dented demand and confidence, becoming a major drag on growth in the world’s second-largest economy.

Source: Taipei Times September 30, 2022 22:02 UTC