Debt-ridden Europe was the biggest drag, with exports to the continent contracting 21.9 percent from November 2010. Exports of electronics and communications equipment, a mainstay of Taiwan's economy, also contracted from the previous month. The figures are a further sign that Asia's economies could see slowing growth next year. More of them are likely to cut rates, while Taiwan's government has already announced guidelines for economic stimulus should times get harder. "These are quite frightening figures," said Serena Tseng, economist at Jih Sun Securities in Taipei. "Into next year, exports will slow again on a worsening economy. Because of a high base this year, we may see negative figures again in H1." Exports in November grew 1.3 percent from a year earlier, well below the consensus forecast in a Reuters poll of 7.6 percent growth and below the lowest estimate in the poll's range of 2.3 percent to 10.4 percent growth. Compared with November 2010, exports to China contracted 2.5 percent and those to the United States by 3.1 percent. Imports contracted by 10.4 percent, well below the poll's forecast for growth of 2.1 percent. Taiwan has been particularly vulnerable to a global slowdown because of its high dependency on technology exports to drive growth. Tech firms face a combination of poor consumer demand in struggling western economies, over-supply of some products and falling prices. Earlier this month, HTC Corp, the world's No.4 smartphone maker and one of Taiwan's few global brands, reported a surprise 30 percent drop in November sales from the previous month. On Thursday, UMC, the world's No.2 contract chipmaker, reported a 22.75 percent fall in November sales from a year earlier. "Taiwan's externally-driven economy is clearly feeling the weight of subdued global demand," said Katrina Ell, economist at Moody's Analytics in Sydney. "Forward-looking orders suggest a near-term revival in exports is not in the pipeline." Orders for exports, a forward indicator of actual exports, grew 2.4 percent in October, pointing to sluggish demand. Taiwan's government is forecasting 4.19 percent growth for 2012, but many private forecasts are below that figure, with some as low as 1.5 percent. Risk factors include any lingering of Europe's debt woes, a sputtering US recovery and the possibility that China, Taiwan's largest trading partner, may have a hard landing. The central bank is likely to leave interest rates on hold at 1.875 percent at its quarterly policy meeting on Dec. 29, though recent poor data is giving rise to talk of a rate cut to give exporters a cushion.