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Taiwan's 'Silicon Valley' hit by global slowdown
Taipei (AFP) Feb 11, 2009 Taiwan's so-called "Silicon Valley" was hit hard last year as combined sales from its technology companies plunged 12 percent, industry authorities said Wednesday. The Hsinchu science park in northern Taiwan, the centre of the island's electronics sector, posted sales of 1.01 trillion Taiwan dollars (29.64 billion US) in 2008, down from 1.15 trillion for 2007, the National Science Council said. "The fast economic downturn led to a shrinking of global demand for electronic products," it said in a statement. The Hsinchu park houses 449 companies, making products such as microchips, computers and flat panels. Companies in another science park in southern Tainan county posted a decline of 2.03 percent in sales last year, although a third science park in central Taiwan grew 7.72 percent year-on-year. The combined sales of the firms at the three science parks rose 3.62 percent year-on-year in the 10 months to October, but fell 6.55 percent for the full year as global economic woes deepened. Lih J. Chen, deputy chief of the council, forecast that the electronics industry could bottom out this year and regain momentum in 2010. Taiwan's leading flat panel and semiconductor makers confirmed they had recalled thousands of workers on forced unpaid leave after receiving 'rush orders' from clients recently. However, Terry Gou, head of Hon Hai Precision, the world's largest electronics manufacturing services company, was less optimistic. "I think judgement on the business outlook should not be based on the industry's performance over one quarter or two," he told the United Evening News. "In my opinion, the worst is yet to come." Taiwan saw a record drop of 44.1 percent in its exports in January as demand for its products slackened around the world, according to the finance ministry. The island's exports for the month totalled 12.37 billion US dollars, down 9.76 billion dollars from a year earlier, marking the fifth consecutive monthly decline, the ministry said. Related Links The Economy
US trade gap shrinks in 2008 as recession bites
Washington (AFP) Feb 11, 2009The US trade deficit shrank in 2008, narrowing sharply in the final months of the year amid a deepening recession and an escalating global financial crisis, government data showed Wednesday. |
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