Taiwan's July export growth slows, signaling a drop in global demand
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Taiwan's export orders likely grew for a third consecutive month in July, but at less than half the pace of the previous month as global demand cools, a Reuters poll showed on Friday.
The median forecast from a poll of 11 economists was for export orders to rise 3.6% from a year earlier. Forecasts ranged for an expansion of between 1.1% and 7.5%.
TIME TO DITCH COMMUNIST CHINA'S TECHNOLOGY, OR ELSE
The island's export orders, a bellwether of global technology demand, unexpectedly fell for the first time in two years in April. Orders shrank 5.5% from a year earlier to $51.9 billion, taking a larger-than-expected hit from COVID-19 lockdowns in China and broader global supply chain disruptions.
Taiwan, a bellwether of the global technology sector, may see a rise in exports for the third consecutive month, but at only half the increase of the previous month, signaling a cool down in global demand. Pictured: A cargo ship stopped at a port in (REUTERS/Ann Wang / Reuters) But they returned to growth in May and June. In June orders went up 9.5% from a year earlier to $58.83 billion. The government has predicted July orders to be between 0.4% and 3.1% higher than the year before. Taiwan's export orders are a leading indicator of demand for hi-tech gadgets and Asian exports, and typically lead actual exports by two to three months. IMF WARNS GLOBAL ECONOMY TEETERING ON BRINK OF RECESSION AS IT SLASHES GROWTH OUTLOOK The island'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 including Apple Inc. The data for July will be released on Monday. Source: Read Full Article