Mobile demand boosts Taiwan's exports by 10.6%

22 Jul 2014

TAIPEI, TAIWAN: Taiwan's export orders in June rose 10.6% year-on-year to a 17-month high, largely boosted by continuing strong demand for electronic products, government statistics showed.

Workers at Foxconn's Taipei factory have helped boost Taiwan's exports by 10.6% as markets in the USA and Europe recover and demand for electronic products rises sharply. Image: KK-Net

Export orders totalled $38.82bn in June after the highest year-on-year increase since 17.9% growth posted in January 2013, and were also up 2.1% from the previous month, the Ministry of Economic Affairs said in a statement.

"Orders for electronic items orse 17.0% to $9.79bn as demand for mobile devices continued to grow and spurred business for the semi-conductor and DRAM sectors," the ministry said.

Export orders - those filed to manufacturers one or two months ahead of delivery - are a key indicator for the island's export-reliant economy.

"Export orders from mainland China and Hong Kong, Taiwan's leading overseas market, rose 14.5% year- on-year to $10.21bn, of which orders for electronic items saw the largest increase of 31.5%," the ministry said.

Exports reflect improved economies in USA, Europe

Orders from other major markets last month were also up year-on-year. US orders climbed 6.7% to $9.41bn while those from Europe rose 15.2% to $6.86bn compared with a year earlier.

Taiwan's economic growth has been buoyed by a steady recovery in developed countries as well as improved domestic consumption.

The economy grew 3.04% in the first quarter, slightly better than expected.

Full-year growth for 2014 was estimated to be 2.98%, putting Taiwan on course to enjoy its best year since 2011 when the economy posted a rise of 4.19%.

Source: AFP via I-Net Bridge

Source: I-Net Bridge

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