No sign of improvement in Taiwan exports

Taiwan's exports are declined by 16.9% year on year in November against -11.0% in October. This is the largest fall since August 2009. On a month on month seasonally adjusted shipment exports are dropped by 3.8%., which were increased by 0.9% in October.

"Looking more closely on a m/m sa basis, PC and communication products were the silver lining, with exports expanding for two consecutive months (Nov: 5.4%; Oct: 4.0%; Sep: -4.9%), consistent with our view of stronger demand in consumer electronics ahead of the festive season. ... Worse, exports have continued to alternate between growth and contraction from month to month, reflecting a clear lack of confidence among producers - a mood also accentuated by high inventories", says Barclays.