Taiwan October export orders likely contracted again, but at slower pace- Reuters poll
11:32 pm Thursday, November 17th, 2022
TAIPEI (Reuters) – Taiwan’s export orders likely contracted again in October as global demand for technology cools though at a slower rate than the previous month, a Reuters poll showed on Friday.
The median forecast from a poll of 13 economists was for export orders to fall 1% from a year earlier. Forecasts ranged from an expansion of 1.9% to a contraction of 5.4%.
The island’s export orders, a bellwether of global technology demand, fell 3.1% in September, coming off a high base and supported by strong sales of new consumer electronics products like iPhones.
The government has predicted last month’s export orders to be between 1% and 3.6% lower than those of October 2021.
Taiwan’s export orders are a leading indicator of demand for hi-tech gadgets and Asian exports, and typically lead actual exports by two to three months.
The island’s manufacturers, including the world’s largest contract chipmaker Taiwan Semiconductor Manufacturing Co Ltd, are a key part of the global supply chain for technology giants including Apple Inc.
The data for October will be released on Monday.
(Poll compiled by Anant Chandak and Carol Lee; Reporting by Ben Blanchard; Editing by Rashmi Aich)
