July Taiwan export order growth slows due to cooling demand

The median forecast from a poll of 11 economists was that export orders would rise 3.6% from the previous year. Forecasts ranged from an expansion of between 1.1% and 7.5%.

The island’s export orders, an indicator of global technology demand, unexpectedly fell for the first time in two years in April. Orders fell 5.5% from a year earlier to $51.9 billion, taking a bigger hit than expected due to COVID-19 lockdowns in China and broader supply chain disruptions. global supply.

But they returned to growth in May and June. In June, orders rose 9.5% from a year earlier to $58.83 billion.

The government forecast July orders to be between 0.4% and 3.1% higher than the previous year.

Taiwan’s export orders are a leading indicator of demand for high-tech gadgets and Asian exports, and typically precede actual exports by two to three months.

Island manufacturers, including the world’s largest contract chipmaker, Taiwan Semiconductor Manufacturing Co Ltd, are a key part of the technology’s global glove supply chain, including Apple Inc.

The data for July will be published on Monday.

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