Taiwan export orders reach all time high in October

The Ministry of Foreign Affairs cautions that while the economy remains stable, it is likely to slow next year

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(Image from Pexels user David Dibert)

(Image from Pexels user David Dibert)

TAIPEI (Taiwan News) – On Nov. 20, the Ministry of Economic Affairs (MOEA) announced that foreign export orders placed in the month of October reached an all-time high over previous years, totaling US$48.99 billion.

Orders from the United States, and for ICT products also reached an all-time high last month according to the Ministry.

A ministry official noted that this has been a good year for ICT products driven by demands for new iPhones. However, the official cautioned that the industry has yet to face any major impact from the U.S.-China trade war.

In October, export orders to the U.S. totaled US$14.92 billion, which equaled 9.1 percent increase month to month, and an annual increase of 8.2 percent over 2017. Other major markets for Taiwanese products in October included China and Hong Kong (US$11.4 billion) and Europe (US$10.9 billion).

Director of the MOEA’s Statistics department, Lin Lizhen (林麗貞), said that total order value for November is expected to be between US$48-US$49 billion, which will mean a year-on-year decrease of about 1.4 to 0.6 percent, reports China Times.

Despite a much more optimistic prediction early in 2018, estimates have become more conservative over the year. However, for now, the global economy remains stable according to Lin, and Taiwan’s total export orders for 2018 should exceed US$500 billion.

According to the China Times reports, orders for machinery, metals, and IT products have all grown significantly over the year, while the demand has decreased for plastics and rubber products.

Next year, the Ministry anticipates that the U.S.-China trade war will have a significant impact on the growth of the ICT industry.