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Trade Trends News
23-05-2024
Taiwan's Export Orders Rise in April at Fastest Pace in Two Years
Taiwan's export orders rose more than expected in April, marking the fastest increase in two years, as the government was optimistic about potential future demand for Taiwan's technology products from the growing artificial intelligence industry.
Export orders rose 10.8 percent from a year earlier to $47.1 billion last month, the biggest increase since March 2022, South Korea's economy ministry said. orders rose a modest 1.2 percent in March.
Orders for goods from Taiwan, home to tech giants such as chipmaker TSMC (2330.TW), open a new tab as a bellwether for global technology demand.
The ministry cited risks ahead, including the impact of high interest rates in the U.S. and Europe, the U.S.-China trade dispute and broader geopolitical uncertainty.
Despite these risks, “the accelerated expansion of new applications such as high-performance computing and artificial intelligence will drive strong demand in our semiconductor and server supply chains,” the economy ministry said in a statement. “This is expected to boost the momentum in export orders.”
Looking ahead, the Commerce Ministry said it expects export orders to rise 1.8% to 6.2% in May from a year earlier. Taiwan's orders for telecommunication products rose 8.4% in April from a year earlier, while orders for electronic products were up 22.7% from a year earlier. Orders from mainland China rose 16.3%, compared with a 7.7% increase in the previous month. Orders from the United States rose 11.8%, compared with a 2.2% decline in March. Orders from Europe declined 0.2%, also an improvement over the 6.2% drop in March. Orders from Japan fell 10.5% last month after contracting 18 percent in March.
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