Taiwan June export orders seen growing for second straight month on tech demand – Reuters poll
11:17 pm Monday, July 18th, 2022
TAIPEI (Reuters) – Taiwan’s export orders likely grew for a second consecutive month in June after falling for the first time in two years in April, a Reuters poll showed on Tuesday, supported by demand for technology products.
The median forecast from a poll of 16 economists expects export orders to rise 5.6% from a year ago. Forecasts ranged for an expansion of between 1.2% and 9.3%.
The island’s export orders, a bellwether of global technology demand, unexpectedly fell 5.5% from a year earlier to $51.9 billion in April, taking a larger-than-expected hit from COVID-19 lockdowns in China and broader global supply chain disruptions.
But they returned to growth in May, expanding a better-than-expected 6% to $55.43 billion.
The government has predicted June orders to be between 3.3% and 6.1% higher than a year before.
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 June will be released on Wednesday.
(Poll compiled by Anant Chandak, Arsh Mogre and Carol Lee; Reporting by Ben Blanchard; Editing by Rashmi Aich)
