World demand for goods from Taiwan saw its sharpest drop in 14 years in November.
This indirectly gives an impression of a slow economic start by 2023 in most countries around the world.
Taiwan's Ministry of Economic Affairs reported the value of shipping orders made to Taiwan reached $50.14 billion last month, down 23.4% from a year ago.
Consumers in Europe, which includes the market for Taiwanese computers and other electronic devices, have been forced to reduce demand as they struggle with soaring inflation.
This can be seen in the 26.3% drop in demand last month in Europe, while orders made by the United States fell by 16.7%.
The manufacture of computers, smartphones and components for consumer electronics are the top contributors to Taiwan's exports, which in turn anchor the $850 billion economy.
Meanwhile, export orders from its biggest buyers China and Hong Kong also declined with a 37.3% loss in November which also marked the eighth consecutive month of decline.
Overall, the value of real exports from Taiwan to the rest of the world declined 13.1% last month, year-on-year.
Taiwan's industrial production in November may have lost 5% year-on-year, marking a steeper decline than October's 3.6% contraction, Goldman Sachs said in a research note on Friday.
