Taiwan's industrial production index dropped 2.92 percent year on year in October, according to the island's economic affairs authority.

The index stands at 113.54 points, dropping for the second consecutive month. The base value of the index was set at 100 based on industrial production in 2016.

The sub-reading for manufacturing, the largest component of the index, dropped 3.27 percent year on year, while that for mining and quarrying fell 13.15 percent.

The authority attributed the decrease in manufacturing to weakening global demands and low raw material prices.

The sub-index for electricity and gas supply in October increased 2.47 percent and that for water supply increased 4.56 percent.

For the January to October period, industrial production dropped by 1.21 percent compared with the same period last year, with manufacturing down by 1.33 percent.

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