Taiwan’s exports in June are expected to see a further decline. This will be the fifth straight month in a row that the country’s exports have contracted.
The finance ministry is scheduled to release Taiwan’s trade figures next week. When talking to the media on Friday, Finance Minister Chang Sheng-ford said the June decline is a result of slumping international oil prices. He said falling oil prices led to a fall in the export value of mining and plastic products. He also said the lower oil prices reduced oil producers’ purchasing power.
In response to the question of whether the Greek debt crisis will lead to a further decline in Taiwan’s exports, Chang said the impact on Taiwan will be limited because Taiwanese banks’ exposure to Greek debts is low.
According to statistics released by the finance ministry, Taiwan recorded US$25.63 billion in export orders in May, a year-on-year decline of 3.8%.