Taiwan's export orders fall 8.77 per cent in July

Taiwan's export orders fall 8.77 per cent in JulyTaipei - Taiwan's export orders fell 8.77 per cent in July from the same month a year earlier in their smallest decline since October as demand from overseas improved, the Economic Ministry said Monday.

Compared with June's 10.91-per-cent fall, the pace of decline in July indicated a gradual recovery in the global economy, the ministry said.

Taiwan received foreign orders worth 28.61 billion US dollars in July, down from 31.36 billion US dollars recorded a year ago but up from June's 27.94 billion US dollars, the ministry said.

Orders from China, worth 8.18 billion US dollars, remained the largest, followed by the United States with 6.22 billion dollars and Europe at 4.76 billion dollars.

In the first seven months of the year, export orders totalled 168.58 billion US dollars, down 21.15 per cent from the same period last year, the ministry said.

Export orders indicate deliveries three months in advance and are a key economic indicator.

Taiwan's economy depends on exports. About 40 per cent of its exports go to China, and analysts were predicting that improving Taipei-Beijing ties would result in China buying more of Taiwan's goods and sending more tourists to the island. (dpa)