A report from Ministry of Finance (MOF) showed that Taiwan's total export value in July reached US$24.85 billion, up by 2 percent compared to last year, but down by 11.6 percent to last's year figure of the same period. The export value are experiencing drop for five consecutive months. The total values of export and import from January-July tallied US$171.65 billion and US$159.54 billion, which declined on year by 5.8% and 5.4% respectively. MOF said the electronics products remained the largest export value at US$7.144 billion, up by 4.9% on month but down by 7.2% on year.
Minister Yiin Chii-ming of Council for Economic Planning and Development (CEPD) stressed that the most effective and direct solution to reverse the nation's declining exports is to lure back Taiwanese businesses who are operating in China. Yiin said: "With wages in China soaring and the global economy facing severe challenges, now is the time for Taiwanese businesses to return home." Yiin believed that once Taiwanese businesses return back, not only it could increase export competitiveness, but also strengthen and speed up new market development that promote long-term economic growth.
Meanwhile, Taiwanese exports are likely to rebound in the fourth quarter due to the improving US economy as well as the launching of new consumer electronics devices include Apple's iPhone 5 and iPad Mini, Ultrabooks and PCs with Microsoft latest's Windows 8 operating system are scheduled in the Q4.