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Taiwan's exports dropped for the 12th consecutive month in August but less sharply than expected, and may return to growth in September ahead of the year-end holiday shopping season, the finance ministry said on Friday.

August exports dropped 7.3% in value from a year earlier to $37.36 billion, the ministry said, the smallest decline and first single-digit percentage fall since October. That compared with a 10.4% fall in July and exceeded a Reuters poll forecasting an 8.05% contraction.

Despite the stagnation in exports, a key driver for Taiwan's economy, the island's GDP returned to growth in the second quarter, helped by resilient domestic consumption.

The ministry forecast improved export performance in coming months, when orders traditionally pick up ahead of the busy year-end shopping season, which is expected to be driven this year by rising demand for high-performance computing, artificial intelligence, data centres and automotive electronics.

For September, the ministry said exports may expand, predicting a performance ranging from a contraction of 2% to growth of 2%.

In August, total shipments of electronic components fell 11.2% from the year before to $15.14 billion, with semiconductor exports down 10.4%.

Taiwanese firms such as TSMC (2330.TW), , the world's largest contract chipmaker, are major suppliers to Apple Inc (AAPL.O), Nvidia (NVDA.O) and other global tech giants, while providing chips for auto companies and lower-end consumer goods.

TSMC reported earlier on Friday that August sales fell 13.5% year-on-year.

Taiwan's exports to China fell 14.1% in August from a year earlier to $12.98 billion, after the prior month's drop of 16.3%.

Exports to the United States rose 8.8% in August, after slipping an annual 3.3% in July.

Taiwan's August imports, often seen as a leading indicator of re-exports of finished products, dropped 22.9% to $28.77 billion. That compared with economists' forecasts of a 16.3% fall. (Reuters)

Australia and the Philippines on Friday agreed to hold annual defence ministers' meetings as the two nations upgraded bilateral ties to a strategic partnership amid rising security challenges in the region, including in the South China Sea.

Australian Prime Minister Anthony Albanese signed a strategic partnership agreement with Philippine President Ferdinand Marcos Jr. during his trip to Manila, the first visit by an Australian leader in 20 years.

"Australia is working with our partners including the Philippines to shape a region where sovereignty is upheld," Albanese said in a joint press conference with Marcos after holding bilateral talks

Marcos said their countries' close ties were "terribly important".

The Philippines last month held military exercises near the South China Sea with Australia, its second-largest partner in defence security. It is also one of only two bilateral partners with whom the Philippines has a Status of Visiting Forces Agreement, which allows two countries to undertake joint exercises, high-level visits, dialogues and exchanges.

Australia has discussed pursuing joint navy patrols in the resource-rich waterway.

Albanese threw his support behind a 2016 arbitral ruling on the South China Sea that invalidated China's expansive claims in the strategic waterway where about $3 trillion worth of ship-borne trade passes annually.

"Australia supports the 2016 South China Sea arbitral award. That is final and binding. And it is important that it be upheld going forward," Albanese said.

The Philippines, Malaysia, Vietnam, Brunei and Taiwan have claims to certain areas of the South China Sea. Most of Australia's trade also goes through the South China Sea.

Albanese confirmed on Thursday he will visit China later this year, the first visit by an Australian leader since 2016. (Reuters)

Over the past year North Korea has moved to boost its navy with new nuclear weapons, including an underwater drone, warships, and its first operational missile submarine, unveiled on Friday.

North Korea's navy has historically been dwarfed by the country's land forces, and overshadowed by its rapidly advancing ballistic missile program.

Now, leader Kim Jong Un has said the navy will play a key role in the country's nuclear deterrence, and analysts say it may also assure support among naval commanders and boost national pride.

"Until quite recently, Kim has largely appeared to neglect naval nuclear programmes," said Ankit Panda of the U.S.-based Carnegie Endowment for International Peace. "The recent refocus on naval nuclear capabilities has likely been welcomed by the Korean People's Navy."

Here is what we know about North Korea's navy and its latest advancements.

HOW BIG IS NORTH KOREA'S NAVY?

The Korean People's Army Naval Force (KPANF) has about 470 surface vessels, including guided missile ships, torpedo boats, small patrol vessels, and fire support boats, according to the South Korean military's 2022 Defense White Paper.

Its has about 70 submarines, including Romeo-class vessels of Soviet-era design, and midget submarines.

The navy also has about 40 support craft and 250 landing craft.

The navy is divided into two fleet commands that cover the country's east and west coasts, and about 60 percent of the force is positioned south of Pyongyang, the White Paper said.

"The North Korean Naval Force possesses the capacity to carry out a surprise attack any time," the paper said. "However, its capacity for deep-sea operations is limited because its force is primarily consisted of small, high-speed vessels."

WHAT ARE THE NAVY'S NEW WEAPONS?

In March and April North Korea tested what it said was a nuclear-capable unmanned underwater attack weapon.

Dubbed "Haeil", or tsunami, the new drone system is intended to make sneak attacks in enemy waters and destroy naval strike groups and major operational ports with an underwater explosion, state media said.

Analysts said the weapon's operational concept was similar to Russia's Poseidon nuclear torpedoes, a new category of retaliatory weapon meant to create destructive, radioactive blasts in coastal areas.

However, a report by the Washington-based 38 North at the time said the weapon's slow speed and limited range made it substantially inferior to the North’s existing nuclear-armed ballistic and cruise missiles in terms of time-to-target, accuracy and lethality.

In August, Kim inspected a new Amnok-class corvette, a patrol ship that state media said was capable of firing nuclear-armed cruise missiles.

"Despite the fact that the majority of the weapons and sensors on board are severely obsolete in comparison with western or Asian designs, it is a major step forward for North Korea," the specialist website Naval News said in an analysis, calling its nuclear cruise missile capability a "game changer" for potential adversaries.

On Friday, North Korea said it had launched its first operational "tactical nuclear attack submarine" and assigned it to the eastern fleet.

The vessel appears to be a modified Romeo-class submarine with 10 launch tubes, most likely armed with ballistic missiles and cruise missiles.

South Korean officials said it appears that the new submarine may not be fully functional, but they did not elaborate.

Like the nuclear drone, its use in a war may be limited compared with North Korea's more robust land-based missiles, analysts said.

"Their submarines just aren't going to be able to be as survivable as their land-based forces," said Vann Van Diepen, a former U.S. government weapons expert who works with 38 North. "And they'll have a hard time deploying enough missiles at sea to make a big difference." (Reuters)

A UNESCO panel has issued a "heritage alert" calling for the preservation of Jingu Park, the site of a historic ballpark in the Japanese capital, and of about 3,000 trees set to be cut down to make way for a skyscraper project.

The redevelopment, due to start this month, threatens a field on which baseball legends Babe Ruth and Lou Gehrig played on a tour in 1934 that helped introduce the sport to Japan.

The U.N. cultural agency's panel, the International Council on Monuments and Sites (ICOMOS), urged the government to review the plan.

The programme would lead to the "complete destruction of the urban forest formed and nurtured over the past 100 years", the ICOMOS said in a letter on Thursday.

ICOMOS and its national panel for Japan also called on the main developer, Mitsui Fudosan, and other partners involved in the project to withdraw from it immediately.

A spokesperson for Mitsui Fudosan said it was aware of the letter and was collecting information before it could offer a response to it.

Rallies and petition drives have also voiced opposition to the plan, which includes the demolition and replacement of the Meiji Jingu Stadium, built in 1926, and now home to the Yakult Swallows team.

Celebrated composer Ryuichi Sakamoto called for a halt to the project just before he died in March, while best-selling author Haruki Murakami has also spoken out against it.

In a letter to Tokyo Governor Yuriko Koike and other officials, ICOMOS criticized the plan that will relocate baseball and rugby facilities and eliminate 3.5 hectares (8.6 acres) of park area to make room for mixed-use skyscrapers.

Ruth, Gehrig and five other baseball Hall of Fame inductees were part of an All American team that played at Meiji Jingu Stadium during their barnstorming Japanese tour.

In June, the Mitsui Fudosan-led group of developers launched a website for queries from the public, aiming to build "understanding and empathy" for the project. (Reuters)