Taiwanese exports to six South Asian countries in the first seven months of this year posted their biggest annual drop in history, falling 35.7 percent.
According to Ministry of Finance (MOF) figures released on Thursday (August13), exports to India, Pakistan, Bangladesh, Sri Lanka, Nepal, and Bhutan dropped to $2.122 billion due to lockdown measures and border restrictions related to the Wuhan coronavirus (COVID-19) pandemic.
Between 2004 and 2010, exports to these six nations increased from $2.1 billion to upwards of $5 billion, finally peaking in 2011 at $6.37 billion, CNA reported. Exports mainly consisted of rubber, chemicals, basic metals, and other conventional products.
After several years of annual increases, Taiwanese exports to the six countries fell 10 percent to $5.46 billion in 2019, mainly attributed to reduced plastics demand, according to CNA.
MOF figures showed that exports to India Taipei’s biggest South Asian market fell to $1.255 billion, a 36.9 percent drop compared to the same time last year, because of lower demand for rubber, chemicals, textiles, machinery, and mineral goods. Shipments to Bangladesh, the second-largest market in the region, fell 33.3 percent year-on-year to $460 million.
Exports to Pakistan declined 41.9 percent to $243 million, while Sri Lanka imported $158 million worth of Taiwanese products, a 19.7 percent reduction, according to the MOF statistics. The country’s exports to Nepal and Bhutan added up to $6 million, MOF numbers showed.
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Category: Taiwan
