Sep 13, 2009, 9:44 GMT
Taipei - Taiwan's export decline in the first seven months was the largest among the four Asian dragons, hit hard by the global financial tsunami and economic downturn, a government agency said Sunday.
But conditions were expected to improve by the fourth quarter, the Directorate General of Budget, Accounting and Statistics said in a statement.
In comparing the sagging exports among Taiwan, Hong Kong, South Korea and Singapore (known as the four Asian dragons for their once marked economic performances), the condition in Taiwan was the worst with a fall of 32.8 per cent between January and July, the agency said.
Export decline in Hong Kong in this period stood at just 17.2 per cent, followed by South Korea's 22.5 per cent and Singapore's 31 per cent.
Decline in exports in China also slipped by 22 per cent in the first seven months, while that of US dropped by 24 per cent, the agency said.
It said Taiwan's failure to establish its own brand name products in the electronics and communications sectors was the major reason for the island's higher decline level.
Taiwan, which has a highly developed electronic industry as its largest source of exports, is one of the world's made-to-order bases.
The agency said when countries such as the US and South Korea, which produce their own brand name products, face a sharp reduction in demand, they would first deal with their production capacity problem at home instead of making orders from Taiwan or elsewhere.
But with the gradual recovery in the global economy, Taiwan was expected to see positive growth at an estimated 13.1 per cent of its exports by the fourth quarter, the agency said.
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