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Taiwan exports contract for fourth month in row

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Taiwan exports contract for fourth month in row
Submitted by Fox First at Ten on July 9th

TAIPEI, Taiwan (AP) - Taiwan's exports fell 3 percent to $24.4 billion in June from a year earlier, contracting for a fourth consecutive month amid weak foreign demand for the island's high-tech and other goods.

The Finance Ministry said Monday that imports declined 8 percent to $21.8 billion in June.

For the first six months of this year, exports fell 4.7 percent to $146.8 billion, amid the sputtering global economy.

During the six-month period, Taiwanese exports to China fell 8.8 percent to $57 billion, and exports to the U.S. declined 11 percent to $16 billion.

Exports drive the Taiwanese economy, and the government expects GDP growth of only 3 percent this year, down from 4 percent in 2011.

Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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