Taiwan's exports keep shrinking

TAIPEI -- Taiwan's total exports in May shrank 2 percent year on year to 27 billion US dollars, making the third consecutive monthly fall, according to the island's finance department.

Exports to Europe and the Association of Southeast Asian Nations (ASEAN) continued to decline in May, but exports to the Chinese mainland and Hong Kong, the United States and Japan were up, the department said in a press release.

Taiwan's exports to the mainland and Hong Kong increased by 10.3 percent year on year to 12.12 billion US dollars in May, accounting for about 44.9 percent of its total exports and remaining the biggest among the island's major export markets, the statement said.

The department attributed the continuous reduction of exports to the COVID-19 pandemic and the lowering prices of raw materials in international markets, which heavily affected traditional export industries such as mining, rubber, base metals and textiles.

With the easing of COVID-19 and the favorable development of new technologies, Taiwan expects a recovery of its exports but remains cautious about the long-term prospect, the statement said.

The island's total imports in May fell 3.5 percent year on year to 22.28 billion US dollars.