Taiwan‘s export orders likely rose in September for the 19th straight month, a Reuters poll showed on Monday, buoyed by strong chip demand as the world emerges from the pandemic, while the year-end holiday shopping season also aided sentiment.
The median forecast from a poll of 17 economists expects export orders to jump 17% from the year-ago period. Forecasts for growth ranged from 6.5% to as high as 26%.
Taiwan‘s export orders are a leading indicator of demand for hi-tech gadgets and Asia’s exports, and typically lead actual exports by two to three months.
The island nation’s export orders, a bellwether of global technology demand, leapt 17.6% from a year earlier to $53.5 billion in August, a strong performance but less than forecast on unexpectedly weaker demand for new smartphones.
Taiwan‘s manufacturers, including the world’s largest contract chipmaker Taiwan Semiconductor Manufacturing Co Ltd, are a key part of the global supply chain for technology giants such as Apple Inc.
Shares of TSMC rose more than 3% on Friday after the firm posted higher-than-expected profit in the third quarter and flagged tight supplies will likely continue into 2022 amid booming demand during the Covid-19 pandemic.
The rise compared with a 1.3% increase in the broader market.
Taiwan’s export data for September will be released on Wednesday.
• Reuters with additional editing by Jim Pollard
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