Gov't unsure about reaching 2% GDP growth target in '13
By John Liu,The China PostTAIPEI, Taiwan -- Due to lower than expected export figures in the third quarter, whether this year's GDP growth will reach the government's goal of 2 percent is uncertain at this point, said Shih Su-mei (石素梅), minister of the Executive Yuan's Directorate General of Budget, Accounting and Statistics (DGBAS).
October 22, 2013, 12:06 am TWN
Export orders amounted to US$38.42 billion in September, an increase of 5.8 percent from August and 2 percent from the same month last year, according to a report released by the Ministry of Economic Affairs (MOEA).
Due to new hand-held devices in the market, orders of information communication technology (ICT) products and electronics products increased substantially both month-on-month and year-on-year, with the U.S. and European markets seeing the largest surge in orders.
However, orders of precision instrument products and other non-high-tech products did not see much growth, due to a sluggish economic recovery and lower demand around the world, MOEA Statistics Department Director Lin Lee-jen (林麗貞) said.
Orders by Product Lines
September's export orders for information and ICT products and electronics products grew 16.2 percent and 5.6 percent year-on-year, respectively.
Orders of precision instrument products, machinery products, basic metal products, chemical products and plastic products decreased 17.8 percent, 9.6 percent, 5.6 percent, 1 percent and 0.1 percent year-on-year, respectively.
Orders of precision products dropped 17.8 percent due to inventory adjustment and price decline in LCD TV, the MOEA said.
Orders of machinery products dropped 9.6 percent, as investment activities dropped in major markets including China and the U.S. In addition, domestic firms faced intense competition from international players. For example, South Korea's machinery exports to the U.S. overtook Taiwan for the first time in September, Lin said, adding that depreciation of the yen also hurt Taiwan's exports.
Export Orders by Markets
Orders placed by the U.S. and Europe went up 7 percent and 15.6 percent year-on-year, respectively. The data shows that the eurozone's economy is recovering, according to the MOEA.