The island’s economic woes continue as its chief export markets – namely the US and European countries – struggle with inflation, interest rates and fears of recession.
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Global inflation and rate-hike pressure also contributed to a second-straight quarter of economic contraction for the island during the year’s first quarter, by more than 3 per cent.
Taiwan’s exports in March were valued at nearly a fifth less than they were a year prior, and it marked the seventh straight month of falling shipments as analysts are “still searching for the bottom”.