Taipei  - Taiwan's exports declined just 4.7 per cent in October, compared with the same period last year, the Finance Ministry said Monday.

The drop - the first single-digit decline - was the smallest since October last year, reflecting a gradual recovery in global demand, the ministry said in a statement.

Exports amounted to 19.82 billion US dollars in October, down 980 million US dollars from the same month a year ago, but up 750 million US dollars from September.

China remained Taiwan's biggest export market, with the island shipping 8.26 billion dollars worth of goods to the region, accounting for 41.7 per cent of its total export value.

Europe followed, buying 2.28 billion dollars worth of goods from Taiwan, or 11.5 per cent of the island's exports, followed by United States with 2.15 billion dollars and Japan's 1.43 billion dollars.

Imports amounted to 16.58 billion dollars in October, down 6.7 per cent from a year earlier, according to the ministry.(dpa)