The finance ministry’s statistics office says that Taiwan’s exports may begin to grow again in June.
New figures released Monday show that the total value of Taiwan’s exports in March was 11.4% lower than in March last year. A weak global economy, falling prices for agricultural and industrial raw materials, oil refineries shutting for routine maintenance, and fewer working days during March were among the reasons for the lower figures.
The office said that April and May are likely to see further negative growth. This will break the 14-month record for falling exports set after the 2008 financial crisis.
However, office head Yeh Maan-Tzwu said Monday that a return to growth is possible in June. Yeh said overall exports could increase if sales of integrated circuits and other electronics pick up and orders delayed by February’s earthquake in Tainan are delivered in the second quarter. However, Yeh said the key to renewed growth will be a halt to falling prices for agricultural and industrial raw materials.