Taiwan export orders hit record high in August

2020/09/23

Taiwan’s export orders gained 13.6 percent year on year to reach US$45.49 billion in August, a record high for the period backed by global demand for the country’s high-tech products, the Ministry of Economic Affairs said Sept. 21.
 
Among the major export sectors, orders for information and communication technology products soared 26.4 percent to US$13.23 billion, a record high for the month. The ministry said the strong showing stemmed from continuing need for telecommunication products during the COVID-19 pandemic.
 
 Orders for electronics, components and parts also posted a double-digit increase, surging 28.2 percent to a record US$14.02 billion for the period. The MOEA attributed this positive trend to new business opportunities created by remote work and schooling continuing to generate orders for Taiwan companies’ chipsets, memory modules and related products and services.
 
 Machinery and optoelectronic products also performed well, with orders increasing 7 percent and 5.4 percent, respectively, from last year. These gains were offset by underperforming basic metals, petrochemicals and plastic and rubber products, which dropped 2 percent, 20.1 percent and 3 percent, respectively.
 
 Taiwan’s top source of orders remained the U.S., up 19.5 percent to US$13.7 billion, followed by China and Hong Kong, up 21 percent to US$12.88 billion; Europe, up 21.2 percent to US$8.12 billion; and Association of Southeast Asian Nations member states, up 5.5 percent to US$4.13 billion.
 
 The MOEA said it remains optimistic about the outlook for electronics and ICT products, with new devices scheduled to launch in the coming months during the traditional high season for consumer spending. Taiwan’s other export sectors are also expected to benefit as governments around the world continue to roll out economic stimulus measures, it added.
 
 The ministry expressed caution, however, regarding friction between China and the U.S. as well as fallout from the ongoing pandemic, warning the impact of these factors on Taiwan remains uncertain.

Source: Taiwan Today (https://taiwantoday.tw/index.php)