Newspaper article China Post

Exports in October Drop 1.9%: Ministry of Finance

Newspaper article China Post

Exports in October Drop 1.9%: Ministry of Finance

Article excerpt

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The Ministry of Finance (MOF, [...]) yesterday announced that exports in October declined 1.9 percent year-on-year.

The ministry, however, emphasized that exports in October - at US$26.53 billion - reached their second highest value since October last year.

MOF Statistics Department Director Yeh Maan-tzwu ([...]) said exports touched rock-bottom in August and since then had returned to a satisfactory level. The unusually high base level for exports in October 2011 was the cause of the year-on-year decrease, Yeh said.

According to the MOF, exports in October were 2.4 percent lower. The ministry said strong demand for electronic products and minerals in September had eased by October. The export value of electronic products and minerals in October decreased by US$470 million and US$240 million month-on-month, respectively, but the export values of these two products were still at their second highest level since last October.

Yeh said that compared to September, exports to Asian countries decreased in October, while exports to Europe and the U.S. increased slightly.

Compared with export figures from October of last year, October 2012 numbers were dragged down by a decline in cellphone exports - 36.1 percent lower than in 2011. This is in-line with the low October revenue reported by HTC.

With cellphone exports excluded from the statistics, exports to the U.S. were up 3.8 percent year-on-year because of an increase in demand for machinery and basic metals, the result of a U.S. policy targeting the repatriation of companies, the director said.

Exports to mainland China and Hong Kong were up 0.3 percent year-on-year because of demand for TV displays, according to the MOF.

Possible Fourth Largest Year-on-year Decline

Yeh said that it is unlikely export figures for 2012 will be equivalent to last year. Exports in 2011 stood at US$308.3 billion, while from January through October 2012 total exports reached US$250.13 billion. Export numbers in November and December have to be more than US$29 billion on average each month for export values this year to be higher than in 2011. …

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