Officials blame global economy for Taiwan’s poor export performance

Lawmakers criticized economics officials today over Taiwan’s poor first quarter export numbers. While several of the officials had offered a rosy outlook last year, they blame the sluggish global economy for troubles in Taiwan’s export-based economy this year. Chen Ming-wenDPP Legislator(Duh Tyzz-jiun), when you were economic affairs minister, you promised the Economics Committee a golden cross in 2015. You said there would be a golden cross every year, which means that growth would be at least 4 percent.Legislator Chen Ming-wen was referring to GDP growth of above 4 percent and unemployment of below 4 percent. This prediction is threatened in part by exports of just NT$93.74 billion between January and April, a decline of 6.2 percent compared to the same period in 2013. The National Development Council’s monitoring indicators switched from yellow-blue to blue, which suggests a sluggish economy. It was the lowest indicator score in 33 months.John DengEconomic Affairs MinisterThe price of petrochemical products has dropped due to the drop in oil cost. Duh Tyzz-jiunNDC MinisterWe have an export-based economy. When the global economy fails to meet expectations, our exports face challenges.Legislator Gao Jyh-peng believes that Taiwan’s economy is too dependent on a handful of products.Gao Jyh-pengDPP LegislatorIf there is no iPhone 7 or 8, what will we do?Duh Tyzz-jiunNDC MinisterElectronics account for a large proportion of our exports. In particular semiconductors at about 22 percent. When asked whether the NT dollar should be devalued to boost exports, Economic Affairs Minister John Deng said monetary policy involved many considerations and that his ministry respected the central bank’s decision.