TAIPEI- Taiwan’s export orders likely rose in January for the 23rd straight month, a Reuters poll showed on Friday, supported by sustained global demand for semiconductors and tech products.
The median forecast from a poll of 13 economists expects export orders to rise 12.0 percent from the year-ago period. Forecasts for growth ranged from 4.1 percent to as high as 24.4 percent.
The island’s export orders, a bellwether of global technology demand, rose 12.1 percent from a year earlier to $67.9 billion in December, the highest monthly figure on record.
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.
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 January will be released on Monday.
Taiwan’s exports rose for an 19th straight month in January, though at a slightly lower rate than forecast, boosted by continued strong tech demand and stockpiling ahead of the Lunar New Year, with strong growth predicted in the first quarter.
Exports last month rose 16.7 percent from a year earlier to $39.98 billion, the Ministry of Finance said on Friday.
A Reuters poll of analysts had forecast a rise of 17.2 percent for the month, compared with a 23.4 percent increase in December.
Exports rose 29.4 percent in 2021 to a record high, supported by robust global demand for the island’s tech products from semiconductors to telecommunications equipment.
The ministry attributed the January growth to strong demand for tech exports such as electronic components as well as chips, a shortage of which has crippled car plants globally and is affecting consumer electronics.
Exports were also boosted by stockpiling ahead of the Lunar New Year holiday in the first week of February, it added.
Exports of electronics components rose 19.7 percent in January to reach $15.91 billion, with semiconductor exports growing 20.9 percent and telecommunication and audio-visual products gaining 14.3 percent from a year earlier.
Many companies expect chip shortages to last at least for the rest of the year, which will continue to fill Taiwanese semiconductor firms’ order books.
Taiwan Semiconductor Manufacturing Co Ltd (TSMC) on Thursday reported a 35.8 percent on-year rise in net revenues for January to T$172.18 billion ($6.19 billion).
Firms such as TSMC are major suppliers to Apple Inc and other global tech giants, as well as providers of chips for auto companies and lower-end consumer electronics.
