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Taiwan posts robust export growth for October

Southeast Asia emerges as region logging largest annual rise in orders for Taiwanese products

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(Facebook, Port of Kaohsiung photo)

(Facebook, Port of Kaohsiung photo)

TAIPEI (Taiwan News) — Orders for Taiwanese exports totaled US$59.1 billion in October, a new record for the month, amid strong demand for electronics.

The October figure represents 14.6% growth year-on-year, and the first 10 months logged a 30.2% rise from a year earlier, the most stellar performance since 1988, according to a report released by the Ministry of Economic Affairs on Monday (Nov. 22).

The momentum has been driven by robust demand for graphics cards, servers, and internet and communications-related products as 5G and high-performance computing application sales continue to surge.

Traditional industries also reported double-digit annual growth in October, including 39.1% for metals, 21% for machines, 28.5% for plastics, and 48.4% for chemicals. This was propelled by a global recovery that has led to increased investment in equipment as well as an uptick in the cost of raw materials, wrote CNA, citing the Ministry of Economic Affairs Department of Statistics.

Orders from Southeast Asia hit a record US$5.59 billion, up 37.5% year-on-year amid surging demand for semiconductors and other tech products, as many firms have moved production away from China amid that country's trade conflict with the U.S.

Exports for November are estimated to be worth between US$59 billion and US$60.5 billion, and orders for 2021 are expected to reach US$650 billion, the Department of Statistics predicted.