A poll released on Monday indicated that Taiwan’s export orders likely decreased once more in November as the global market for the island’s technology-related products slowed more quickly than it had in October.
A survey of 18 economists by Reuters produced a median prediction that export orders would decrease 11.2% from the previous year. Forecasts for a contraction ranged from 6.26% to 20%.
Taiwan’s export orders, which are a leading indicator of the demand for technology globally, dropped 6.3% in October, falling more sharply than anticipated due to sluggish consumer demand amid high inflation and ad-hoc interest rate hikes.
The Taiwanese government forecasts that export orders will decrease between 14.5% and 17.6% in November compared to the same month last year.
Taiwan’s export orders often arrive two to three months ahead of actual exports as a leading sign of demand for high-tech goods and Asian exports.
Taiwan Semiconductor Manufacturing Company (TSMC), the largest contract chip manufacturer in the world, and other manufacturers on the island play a significant role in the global supply chain for tech giants like Apple.
- Reuters, with additional editing by Vishakha Saxena