The Star Online
Date: 8 October 2015
TAIPEI: Trade-reliant Taiwan on Wednesday effectively wrote off any chances of a global export recovery this year after its September shipments tumbled more than expected, with weakening in all of its major markets, particularly China.
Exports sank last month for the eighth month in a row and at the second-fastest pace in over two years, reinforcing the rationale behind the central bank’s decision to cut interest rates last month for the first time since the global crisis.
The dismal report will reinforce signs of a growing chill in global demand. Taiwan is a major exporter of electronics and parts for gadgets like smartphones, which are usually in strong demand heading into the year-end shopping season.
September exports, however, showed a further deterioration in demand rather than any signs of a seasonal bounce, falling 14.6% from a year ago, worse than expectations for an 11.6% decline in a Reuters poll. [FULL STORY]