SLUGGISH DEMAND: Mineral product shipments tumbled 63.2%, while exports of textiles fell 37.4% following the postponement and cancelation of sports events

Taipei Times
Date: May 09, 2020
By: Crystal Hsu / Staff reporter

The nation’s exports last month shrank 1.3 percent year-on-year to US$25.24 billion, the lowest since May 2017, as poor shipments of raw materials — due in part to price routs — more than eclipsed robust shipments of electronic components, the Ministry of Finance said yesterday.

The retreat could worsen to between 4 percent and 6 percent this month as most global nonessential businesses are closed to help contain the COVID-19 pandemic, stalling trade activity, the ministry said.

“Taiwan may feel a sharper pinch from the COVID-19 pandemic going forward, with downside risks looming larger than upside surprises,” Department of Statistics Director-General Beatrice Tsai (蔡美娜) told a media briefing in Taipei.

Mineral product shipments tumbled 63.2 percent, the worst decline in history, as unprecedented shutdowns in Europe, the US and parts of Asia saw demand slump, Tsai said.   [FULL  STORY]