Exports down 22.9% in January

Double-digit declines were recorded in the USA, Japan, the Mainland and Taiwan.

The volume of exports crashed by 22.9% YoY in January as exports to major markets posted declines, according to data from the Census and Statistics Department (C&SD).

Double-digit declines were recorded for the total export volume to the USA (-32.2%), Japan (-26.9%), the Mainland (-22.7%) and Taiwan (-22.1%). Concurrently, the total export volume to India (-1.1%) also slid.

Overall, prices of exports inched up 0.4% YoY in January, led by the Mainland (1.8%) and Taiwan (1%). Meanwhile, export prices to the USA (-0.1%), Japan (-1.6%) and India (-4.7%) fell.

Total exports also dipped 6.8% in the three months November 2019 to January, compared to the same period last year. Comparing the three-month period with the preceding three months, the volume of total exports slipped by 4.1%.

Import volumes similarly dropped 16.8% YoY in January. It also dipped 8% during November 2019 to January 2020 compared to the preceding three-month period.

A double-digit decline of 26.2% YoY was recorded for the import volume from the Mainland in January, whilst import volume from Japan (-6.3%) also slipped. On the other hand, the import volume from Singapore (3.9%), Taiwan (5.9%) and Korea (14.6%) rose.

Import prices inched up by 0.7% over the same period, also led by the Mainland (1.7%) and Japan (0.9%). In contrast, import prices from Singapore (-1.2%), Taiwan (-2.7%) and Korea (-3.4%) fell.

The trade index, or the ratio of price index of total exports to that of imports, rose 0.3% YoY in January.