The Ministry of Economic Affairs (MOEA) reported that Taiwan's export orders in April totaled US$37.3 billion, down 4% year on year, due to a higher baseline last year, the slide in oil prices, and over 10% decline in orders from Mainland China and Hong Kong—the greatest downswing since the financial crisis in 2008. Reduced orders from China are mainly attributed to the expansion of China's domestic supply chains, including the TFT-LCD (Thin Film Transistor Liquid Crystal Display) panel and semiconductor industries, showing an increasing competition between cross-strait vendors. As for May, MOEA forecasted that the monthly exports will stand at around US$38.0 billion, slightly down 1% year on year.