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Yahoo! My Yahoo! Mail Yahoo! Search Search: Sign InNew User? Sign Up News Home - Help Navigation Primary Navigation Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Secondary Navigation Singapore Asia Pacific World Search Search: Taiwan export orders show Asia slump deepens Reuters - Wednesday, February 25 * January orders fall a record 42 percent on year ADVERTISEMENT * January output decline a record 43 percent on year * Offer signal that slump in global demand is deepening * Japan expected to report record exports fall on Wednesday By Lee Chyen Yee TAIPEI, Feb 24 - Taiwan's January export orders dropped a record 42 percent from a year earlier, in line with expectations, signalling a slump in global demand is deepening and pointing to more dire exports figures from the rest of Asia. Indeed, Japan is expected to report on Wednesday a record fall in its January exports of more than 46 percent, which would be the steepest decline among Asia's main exporters since the global financial crisis blew up last October. Taiwan's export orders have been falling every month since October after a sharp slowdown in the first half of the year, providing a lead indicator on exports from other Asian centres. Exports from Japan, China and South Korea trended sharply lower from around July last year, three months after Taiwan's export orders took a sharp turn for the worse, data shows. Taiwan is heavily exposed to the global technology chain as producer of most of the world's laptop computers and home to the world's top two contract chip makers TSMC <2330.TW> <TSM.N> and UMC <2303.TW> <UMC.N> so provides a barometer for global trade. Andrew Orchard, an analyst at Royal Bank of Scotland in Hong Kong, said Taiwan's data pointed to falls in exports elsewhere. "It sounds like a big number and it means China's exports and imports will continue to fall as well. But it's not a surprise," he said. "This global recession is unprecedented and end demand for electronics products has been falling off in the United States and Europe." The figures also pointed to a deepening recession for Taiwan. Last week, the government reported the economy contracted in the fourth quarter by a record 8 percent, prompting the central bank to cut interest rates a quarter of a percentage point to a record low of 1.25 percent. [ID:nTP103975] The economics ministry said export orders fell 41.67 percent from a year earlier, broadly in line with expectations in a Reuters poll for a drop of 41 percent, and deeper than a 33 percent decline in December. Orders fell at a record pace from all of Taiwan's top markets -- the United States, China and Europe. "We estimate that export orders in the first quarter should be down 30-40 percent, and that the biggest single monthly decline should be in this period," said Fang Wen-yen, an analyst at KGI Securities. The economics ministry also said January's industrial production, closely related to exports, dropped a record 43.11 percent from a year earlier, a slide that is also picking up speed from December's 32 percent fall. A Reuters poll had produced a median forecast of a 39 percent drop. The island's actual exports in January fell at a record pace of 44 percent. [ID:nTP338600] Japan and South Korea have both reported record declines in exports and China has said its exports have fallen for two months in a row, reflecting deepening recessions in main demand centres such as the United States and Europe. This week, both Malaysia and Thailand forecast exports would fall in 2009. Analysts said the figures are distorted by the Lunar New Year holidays, which occurred in January this year but February in 2008. So they will wait to combine the two months' figures to get a clearer reading on the exports trend. "Demand from our key markets, such as China, has been quite weak. We will still see sharp falls for orders in the first quarter," Huang Ji-shih, the economics ministry statistician, told a news conference. "We could see orders in February rising from January due to some rush orders, though this is temporary and does not mean that the global economic outlook is improving," Huang said. Nearly half of Taiwan's orders are manufactured abroad in low-cost bases, such as China, with some of the finished goods re-exported to advanced economies, such as the United States. The latest data showed record falls in orders from the United States, Europe and Japan at more than 30 percent, while orders from China combined with Hong Kong fell more than half, also a record drop. Electronics export orders fell 39 percent from a year earlier, the second-biggest fall on record after a 40 percent decline in September 2001 after the dotcom bubble burst. All other major categories fell at least 30 percent, the data showed. LINKS: For table of orders...............[ID:nTP327844] For analyst comments on export orders............[ID:nTP326042] For stories on the crisis hitting Asia...........[ID:nSP389451] For factbox on comments by Taiwan officials.......[ID:TP371248] For graphic on Taiwan export orders and exports from China and South Korea: https://customers.reuters.com/d/graphics/TW_EPXGRTH0209.gif (Additional reporting by Argin Chang, Rachel Lee, Susan Fenton, Jeanny Kao and Gina Chang; Writing by Neil Fullick) Email Story IM Story Printable View Blog This Recommend this article Average (0 votes) Sign in to recommend this article » Most Recommended Stories » Related Articles: Business Taiwan export orders fall record 42 percentAFP - 57 minutes ago Hong Kong judge delays PCCW privatisationAFP - 1 hour 8 minutes ago WRAPUP 1-India moves to protect growth as S&P cuts ratingsReuters - 1 hour 11 minutes ago Bargain hunters prowl Wall St. after slideReuters - 2 hours 3 minutes ago STOCKS NEWS US-Lehman to sell venture capital businessReuters - 1 hour 16 minutes ago Most Popular – Business Viewed 34,000 apply for 'the best job in the world' Markets tumble as US unveils bank rescue details World stocks mostly rally on Citigroup report First Chinese-American governor likely Obama commerce pick Terminally ill British TV star marries as cameras roll View Complete List » Search: Home Singapore Asia Pacific World Business Entertainment Sports Technology Top Stories Most Popular Copyright © 2009 Yahoo! 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