Taiwan’s export orders, a bellwether of global technology demand, surged 42.6% year-on-year in April, the 14th consecutive month of increases and above market forecasts of a 32.6% jump, data from the Ministry of Economic Affairs (MOEA) showed on Thursday (May 20).
Overseas orders received by Taiwanese companies hit US$54.93 billion in April, a historical high for the month, according to MOEA statistics.
Orders rose primarily for mineral products (152.8%), for basic metals and articles (86.0%) Orders for transport equipment, and plastics and articles thereof accelerated 78.7% and 73.7%, respectively.
Demand for machineries increased 54.0% and those of electronic products gained 51.5% Bookings for chemicals and textile products rose by 44.8% and 43.5% respectively.
Bookings for others grew 43.1% and those of optical, photographic, cinematographic apparatus rose 34.5%. Orders for information and communication products accelerated 23.8% and electrical machinery products climbed 6.7%.
Among major trade partners, increases were seen from the US (43%) while orders from China were up 40.5%, versus a gain of 34.1% the previous month. European orders rose 38%, while those from ASEAN and Japan were up 57.8% and 36.4% respectively.
The ministry said the booming work-from-home economy, the gradual recovery of the world economy, and robust demand for semiconductors in laptops and automobiles have all contributed to growth in export orders.
In April the orders received for information and telecommunications products reached US$15.46 billion, growing for the seventh consecutive month, statistics showed. Orders for information and communication technology products increased to US$15.46 billion, while those for optical products rose to US$2.49 billion.
The MOEA is also optimistic about the country’s export outlook. It expects export orders in May to rise between 40.1% and 44% from a year earlier.
On a monthly basis, export orders rose 2.4% in April. Exports in Taiwan averaged 14013.30 USD Million from 1981 until 2021, reaching an all time high of 35886.52 USD Million in March of 2021 and a record low of 1406.50 USD Million in February of 1981, according to Trading Economics.
The island’s export prospects will likely remain favorable in the future.