Taiwan June export orders seen growing for second straight month on tech demand – Reuters poll
2022.07.19 06:22
FILE PHOTO: Trucks loaded with packages are seen in Keelung, Taiwan, November 18, 2020. REUTERS/Ann Wang
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 (NASDAQ:AAPL).
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)
