TAIPEI (Taiwan News) — Taiwan’s exports are expected to grow in 2020 as the country benefits from order transfers and a global demand for high-tech products, according to a report by Oxford Economics.
Taiwan fares better than other Asia Pacific countries amid the U.S.-China trade conflict and sluggish external demand. The country's relatively robust economy can be attributed to order transfers and demand for its technologies, services, and equipment in 5G, Internet of Things (IOT), among others, said the forecasting company.
The Oxford Economics estimated that Taiwan’s exports rose 3.3 percent year-on-year in November, and have shown signs of sustained recovery over the past few months. In addition, the island country’s import growth rates also rebounded from 4.1 percent in October to 5.8 percent in November.
The rosy outlook is echoed by ANZ, which identified a reshuffling of the Asian supply chain in favor of Taiwan, which can expect a 2 percent GDP growth rate next year, wrote China Times. ANZ economists also predicted an unchanged key policy rate of 1.375 percent — as Taiwan’s central bank holds a policymaking meeting next week, citing upbeat economic prospects and moderate inflation.