Sunday November 28, 2021

What people are reading now:

Taiwan’s export orders keep soaring on robust tech demand

Author: Exports News
Nov 19, 2021
2 min read
134
0
134
0
Nov 19, 2021
2 min read
Taiwan’s export orders keep soaring on robust tech demand

Data from Taiwan's Ministry of Economic Affairs showed that export orders grew by 21.4 % from a year earlier, for a total of $55.3 billion in July. This rise was slightly higher than expectations and partly came from a 16.5 % jump in US orders, a 20.1 % from China, 14.3 % from Europe, and 27.6 % from Japanese markets. The surge marked the 17th month of expansion for Taiwan, driven by a demand for 5G telecom equipment and semiconductors. 

Promising Numbers for Exportation

In June, export orders grew by 31.1% from a year earlier to $53.73 billion. The second quarter saw a rise in exports of 8% from the first quarter and 35.9% from a year earlier to $160.96 billion. From the first half of the year, export orders increased annually by 39.2%, reaching $309.92 billion.

The significant year-on-year increases are mainly due to pent-up demand. Economies around the world had to shut down due to the COVID-19 pandemic. Companies and people worldwide were not eager to spend due to the fear of financial uncertainties. The suppressed demand thus found a release as vaccination campaigns gathered pace globally, opening up economies. Taiwanese exports have especially benefited from a world that is turning to technology to work smarter and more efficiently while socially distancing itself.

Exports News

The COVID-19 pandemic has shifted work, school, and life to homes. Companies and families have found themselves needing computing resources that can help them learn, work, and entertain themselves remotely. Taiwanese companies like Foxconn and Taiwan Semiconductor Manufacturing Co Ltd (TSMC) are significant suppliers to global tech companies like Apple Inc. 

Good Times Might Not Last Long

However, the spread of COVID-19 variants could damper further growth prospects. Economists are lowering the outlook on Taiwanese exports. Not only will these variants prolong economic slowdowns, but they can also disrupt the supply chain. For example, China recently had to close its third-largest port in Ningbo. 

Taiwan is a critical supplier of chip products which are vital for electronic goods. Any disruption in the supply chain will hamper efforts to ease a supply backlog that came about due to previous shutdowns. Those commodities also include motor vehicles that are adopting cleantech and AI.

Stay Tuned with Exports News

Make sure to subscribe to Exports News today and receive all the latest import/export information and news!

No Comments

There aren't any comments yet. Be the first to comment!

Feedback
Subcribe modal

Stay up to date

Keep up with the latest Import and Export news from all over the globe.

This website uses cookies. By using this website, you consent to our use of these cookies
confirmed-subscription
Your subscription has been confirmed
Thank you!
logo

Browser not supported

We do not support the Internet Explorer browser. For a better experience, please use a different browser.