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Taiwan's January export orders outperform economists' forecast

Taiwan's January export orders outperform economists' forecast

Taiwan's export orders rose more than forecast in January, buoyed by demand from China and Japan.
Orders, indicative of shipments over the coming one to three months, advanced 16.89 percent from a year earlier, following December's 17.56 percent gain, the Ministry of Economic Affairs said in Taipei yesterday. That beat the median estimate of a 15 percent increase in a Bloomberg News survey
Demand for the island's exports provides the latest sign that Asia is withstanding a moderation in the U.S. and Europe as the region increases shipments to China, the world's fastest growing major economy.
The island's industrial production rose 12.29 percent last month from a year earlier, more than the 9.2 percent gain forecast by economists.
Asia's fifth-largest economy expanded 6.39 percent in the fourth quarter from a year earlier as exports gained the most in two years, the statistics bureau said on February 21. Economists had forecast a 5.65 percent growth rate.
"Taiwan's growth will start to weaken in 2008 because of the global slowdown," said Sun Mingchun, an economist at Lehman Brothers Holdings Inc. in Hong Kong. Still, "China will be an important buffer for Taiwan."
China and Hong Kong together are Taiwan's largest overseas market, buying about 42 percent of its shipments. About 13 percent are sold to the U.S.
Orders from China and Hong Kong combined increased 21.7 percent in January, following December's 23.5 percent gain. Demand from Japan surged 22.25 percent from a year earlier.


Updated : 2021-07-31 07:13 GMT+08:00