TAIPEI: Taiwan’s export orders in January grew at their fastest pace in nearly a year, exceeding expectations, on strong global tech demand and boosting the island’s economic prospects this year. January’s solid performance indicates stable growth of the global economy and was boosted by a lower base last year due to the Lunar New Year holiday, the Ministry of Economic Affairs said on Thursday.
January export orders rose 19.7 percent to $43.06 billion from a year earlier, the ministry said, rising for the 18th successive month. That compared with a 16.1 percent rise forecast in a Reuters poll. The ministry sees the value of February orders possibly dropping 21-23.4 percent compared with January, as the new year fell in February this year.
Taiwan won record export orders in 2017 after orders rose 17.5 percent in December and 11.6 percent in November from a year earlier. Export-reliant Taiwan last month raised its 2018 economic growth forecast to 2.42 percent from 2.29 percent as strong exports continued to drive economic momentum, while consumption and private investment gradually improved.
Taiwan’s orders are a leading indicator of demand for Asia’s exports and for hi-tech gadgets, and typically lead actual exports by two to three months.
