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Dimming global economic outlook is increasingly evident
ALL of 3 TIER’s composite indicators decline simultaneously |
| Observing the recent international economic situation, the leading indicators of major economies and the manufacturing purchasing managers’ index (PMI) continued to decline in October 2022, and according to the economic outlook report of the OECD, due to the energy shocks have continued to fuel inflation, and the global economy would inevitably slow further next year. In the year of 2023, the global economic growth will mainly be contributed by major Asian emerging market economies, such as India and Vietnam, while the United States and European economy will be likely to decelerate sharply. As the market demand for end products is expected to be weakening, Taiwan’s exports in goods will probably not be able to immune from the demand shocks. In fact, Taiwan’s economic performance in external markets has been slowing down, and the export orders have been weakening. Taiwan’s exports in October 2022 decreased by 0.46% compared with the same month of 2021. Regarding imports, Taiwan’s imports in October 2022 increased by 8.22% compared with imports in October of 2021. Taiwan’s exports and imports from January till the end of October 2022 gave a trade surplus as at US$ 43.72 billion or decrease by 17.35% year-on-year due to more costly in imports of commodities and slowing growth in exports compared with those in 2021. ...Read more |
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| Taiwan premier wants to promote CPTPP bid through APEC platform |
| Premier Su Tseng-chang on Nov. 24, 2022 requested government departments to maintain close contact with Asia-Pacific Economic Cooperation (APEC) members to promote Taiwan’s bid to join the Comprehensive and Progressive Agreement for Trans-Pacific Partnership (CPTPP). Taiwan attended the Nov. 18-19 APEC summit in Bangkok, during which its delegates exchanged views with the representatives of over half the group’s 21 members. Speaking at the weekly Cabinet meeting Thursday after having heard a report about the APEC event, Su said that relevant ministries should continue exchanges with APEC counterparts with similar views as Taiwan. The ministries should try and gain the support of those governments for Taiwan’s CPTPP membership bid, he said. Taiwan filed its application to join the 11-member bloc in September 2021, with several countries, including Japan, expressing support for its plans. Su also called on the ministries to plan for next year’s APEC summit, to be hosted by the United States on the subjects of interconnectivity, innovation, and inclusivity, Radio Taiwan International (RTI) reported. The international trade situation is still volatile, posing significant challenges, so the government could continue developing ties to other APEC member economies in order to expand Taiwan’s international space, Su said (Source: Taiwan News). |
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Taiwan Economic Research Monthly
Promoting local businesses to join hands through public-private-partnership in respond to global economic changes |
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During the 2022 APEC SME Ministerial Meeting, the key points of policy directions expressed by members include promoting the cooperation of large and small business sectors and the construction of collaborative partnerships between public and private sectors. Although assisting SMEs to participate in the international supply chain has long been the development consensus of all economies, as far as SMEs with export performance are concerned, the proportion of all countries is low, even less than 10%, and the international supply chain is still dominated by large enterprises. Leading and medium-sized enterprises mainly supply goods, while SMEs’ development potential has yet to be explored altogether. As far as Taiwan’s current development is concerned, the export contribution and export propensity of SMEs have continued to decline to slightly more than 10% in recent years. This is not due to the decline in the competitiveness of SMEs. These companies have been closely integrated with factories and gradually develops into a large-scale enterprise or its products are integrated into the supply chain of other domestic manufacturers with system integration capabilities and exported indirectly.
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