Taiwan’s export orders seen contracting at faster pace in Nov- Reuters poll
11:16 pm Sunday, December 18th, 2022
TAIPEI (Reuters) – Taiwan’s export orders likely contracted again in November, a Reuters poll showed on Monday, as global demand for the island’s technology-related goods cools and at a faster clip than the previous month.
The median forecast from a poll of 18 economists was for export orders to fall 11.2% from a year earlier. Forecasts ranged for a contraction of between 6.26% and 20%.
Taiwan’s export orders, a bellwether of global technology demand, fell 6.3% in October, dropping more severely than expected on weak consumer demand hit by inflation and aggressive interest rate hikes.
The government has predicted November’s export orders to be between 14.5% and 17.6%, lower than those seen in the year-ago period.
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 November will be released on Tuesday.
(Poll compiled by Dhruvi Shah, Devayani Sathyan and Carol Lee; Reporting by Ben Blanchard; Editing by Sherry Jacob-Phillips)
