Taiwan's Export Orders Surge 4.6% in September, Driven by AI and Tech Demand
October 22, 2024However, there were declines in orders for plastic and rubber products, which fell by 1.1%, and chemical product orders decreased by 8.5%.
Telecommunications product orders increased by 7.0%, while electronic products saw a significant rise of 10.5% compared to the previous year.
In contrast, orders for base metals increased by 4.3% to $2 billion, and machinery products grew by 3.6% to $1.61 billion.
Orders from the United States rose by 8.3%, although this was a decrease from an 11.2% increase in August.
Looking ahead, the Ministry of Economic Affairs remains cautiously optimistic, expecting October's export orders to grow moderately, with a forecasted annual increase between 1.3% and 5%.
In September, Taiwan's export orders rose 4.6% year-on-year, reaching $53.79 billion, marking the largest amount since October 2022.
This growth represents the seventh consecutive month of expansion in Taiwan's export orders.
The increase was primarily driven by strong demand for artificial intelligence devices, high-performance computing, and cloud services.
Notably, semiconductor orders surged 10.5% to $19.01 billion, reflecting robust demand in the tech sector.
Orders for information and communications technology products also grew by 7% to $17.6 billion, highlighting the ongoing demand for servers and cloud-based devices.
For the first nine months of the year, total export orders increased by 3.7% year-on-year to $428.9 billion.
Overall orders from China declined by 3.6%, contrasting with previous months' growth.
Summary based on 2 sources
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Sources
Investing.com • Oct 21, 2024
Taiwan's September export orders miss expectations, China drags台北時報 • Oct 21, 2024
Export orders increase 6.1 percent in Q3