Taiwan's total exports amounted to US$25.79 bln in August 2011, up by 7.2% as compared to August 2010 but down by 8.3% from July 2011, marking the lowest year-on-year growth since November 2009, as per Taipei news report. The exports grew in August at its slowest pace in two years on deteriorating demand for its’ petrochemical and electronics products amid signs of economic slowdown in its major markets of Europe and USA. Taiwanese electronics firms also face intense competition from Apple and its regularly launched product innovations. A strengthening Taiwanese dollar vs the US dollar also contributed to the fall. Total sales of petrochemical products plunged by 50% from July 2011 to US$826 mln, mainly due to suspended production at Formosa Petrochemicals.