Taiwan Export Orders Surge Most Since 2010 on Demand for Tech
(Bloomberg) -- Taiwan’s exporters look set to end a difficult year on a high, with orders from overseas surging the most in over a decade.
Export orders jumped 29.7% to a record high $57.8 billion in November, according to Taiwan’s Ministry of Economic Affairs Monday. That was the biggest increase since May 2010 and higher than even the highest estimate in a Bloomberg survey of economists.
The ministry forecast the strong growth would continue, saying orders would likely increase between 29% and 32.5% in December.
Taiwan’s export orders benefited in the fourth quarter from a boost in holiday-season buying and tighter pandemic controls in Europe and the U.S. driving demand for technology products as people increasingly work and study from home, Nelson Chen, an economist at Cathay Financial Holdings, said in a telephone interview.
Export orders show orders received by Taiwanese companies from abroad, and include orders for goods that are made overseas by Taiwan’s firms and never pass through Taiwan. That includes products such as the iPhone, which is assembled in China and elsewhere by companies such as Hon Hai Precision Industry Co., Wistron Corp. and Pegatron Corp.
Orders have largely outpaced the solid rebound in Taiwan’s exports this year, indicating local companies with facilities in China, Southeast Asia and elsewhere are seeing robust business.
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