Taiwan export orders hold steady, but faltering growth in US, China and Europe dim outlook
- Taiwan’s export orders in August reached US$54.59 billion, growing 2 per cent compared to the same time last year, new data shows
- Demand for consumer electronics rose 15.4 per cent year on year, but there were double digit declines across other export sectors
Demand for Taiwanese technology products remained strong in August in an otherwise underwhelming month for the island’s export orders, with consumption slowing in China and Europe.
Taiwan’s export orders last month reached US$54.59 billion, growing 2 per cent compared to August last year, according to the Ministry of Economic Affairs.
The value of new orders was roughly the same as in July, reflecting a steady decline from a peak of US$67.9 billion in December last year.
Government officials were keen to highlight strong demand for consumer electronics, which rose 15.4 per cent year on year last month, and a 3.1 per cent increase in orders for communications equipment.
Orders across Taiwan’s five other major export categories, including machinery and petrochemicals, fell by double-digit percentages.
The ministry said growth in the electronics sector was driven by demand for 5G gear and orders for high-performance computing devices and automated vehicles.
“All international brands of consumer electronics continue to reach the market, and in addition, 5G, high-performance computing and electronics used in vehicles … all helping export orders hold steady,” Huang Yu-ling, the head of the economic ministry’s statistics department, said on Tuesday.