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Feb. 25, 2009 (China Knowledge) - Taiwan's export orders and industrial output both experienced record drops in January, according to a statement made by the Ministry of Economic Affairs on Tuesday.

Export orders last month dived 41.67% to US$17.68 billion from a year ago, reflecting a drop steeper than the 33% drop in December, according to the statement.

Industrial output plummeted 43.11% from a year earlier, reflecting a decline steeper than the projected decline of 39%.

Orders from mainland China and Hong Kong, Taiwan's largest market, dropped 54.71% year on year, following a 47.13 % decline in December, while orders from the U.S., Taiwan's second-largest market, dropped 36.75% year on year, following a 24.73% decline in December.

Last week, Taiwan's central bank lowered interest rates to a record low, and it is likely to further cut rediscount rates to boost its economy.