Taiwan export orders return to growth for first time in a year

TAIWAN’S export orders grew for the first time in more than a year, but much slower than economists had forecast, adding to tentative signs that a rebound in global demand is gathering pace.

Orders to Taiwanese companies from overseas clients grew 1 per cent in November compared with the same month last year, according to a statement from the Economics Ministry in Taipei on Wednesday (Dec 20). That was much lower than the 5.2 per cent figure forecast by economists in a Bloomberg survey.

Despite the miss, the data bolster cautious hopes that a recovery is getting underway. Taiwan’s exports saw their highest increase in more than a year in November though they fell short of market expectations.

After a tough year for exporters, officials in Taipei expect global demand to bounce back in 2024. The government’s statistics bureau upgraded last month its forecast for exports next year to 6.3 per cent from a previous estimate of 5.9 per cent. BLOOMBERG