United Kingdom

Taiwan export orders likely to shrink as demand dwindles in August – Reuters poll

TAIPEI: Taiwan’s export orders likely contracted for the second straight month in August, and at a similar pace to the previous month when global demand cooled, a Reuters poll showed on Monday.

The median forecast from a poll of 13 economists was that export orders would fall 2 percent from a year earlier. The forecasts ranged from a growth of 3.4 percent to a contraction of 3.7 percent.

The island’s export orders, a measure of global technology demand, fell unexpectedly in July. Orders shrank 1.9 percent to $54.26 billion from a year ago, a bigger-than-expected blow to dwindling technology demand and ongoing economic problems in China’s largest market.

The government has forecast that last month’s orders will be between 0.9 percent and 3.7 percent lower than those of August 2021.

Taiwan’s export orders are a leading indicator of demand for hi-tech News and Asian exports, typically two to three months ahead of actual exports.

The island’s manufacturers, including the world’s largest contract chip maker Taiwan Semiconductor Manufacturing Co Ltd, are an important part of the global supply chain for technology giants including Apple Inc.

The figures for August will be released on Tuesday.

(Poll compiled by Anant Chandak, Devayani Sathyan and Carol Lee; Reporting by Ben Blanchard; Editing by Sherry Jacob-Phillips)

Leave a Reply

Your email address will not be published.

Back to top button