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September 25, 2017

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Export orders grow for the sixth straight month

Taiwan's export orders totaled US$38.18 billion in July, up 5.7 percent year-on-year and marked a six-month growing streak, based on a report released by the Ministry of Economic Affairs (MOEA) yesterday.

The amount pegged in July was also the highest compared with the same month year-on-year, and a booming electronics sector was a major force behind July's export orders growth, according to the MOEA.

Exports of electronics products saw a staggering 11.2-percent growth, which marked the 14th consecutive month of growth. Growing demand for mobile devices has resulted in higher orders for high-end semiconductor products, newer communication chips and DRAM, said the MOEA.

July's amount, however, marked a 1.6-percent decrease month-on-month. An underperforming information and communication technology (ICT) sector was a major cause for the decline. Exports of ICT products, which made up about 25 percent of Taiwan's total exports, dipped 0.5 percent year-on-year. As consumers wait for the arrival of new phones and halt purchases, new orders have been delayed, said the MOEA.

The machinery sector saw a large growth in July, with export orders rising 18.1 percent year-on-year and marking a six-month growth streak. A recovering global economy and companies' increasing capital investment have contributed to the growth, said the MOEA.

In regard to other sectors, exports of basic metal products, plastic products and chemical products grew slightly at 1.8 percent, 0.6 percent, and 6.2 percent, respectively. Exports of precision instruments, however, dropped 7.8 percent.

Growing Demand from Major Markets

Taiwan's exports to all major markets grew across the board. Exports to mainland China and Hong Kong totaled US$10.17 billion and rose 9.2 percent year-on-year. Orders for electronics products grew 23.4 percent.

Exports to the U.S. totaled US$9.21 billion and rose 1.5 percent. Orders for electronics products went up 6.9 percent.

Orders placed from the eurozone totaled US$6.32 billion, marking a 3.2-percent increase and the 12th consecutive month of growth.

Orders placed from ASEAN-6 nations (Indonesia, Malaysia, the Philippines, Thailand, Singapore and Vietnam) totaled US$4.89 billion and hit a new single-month record of 15.6-percent growth, while orders for electronics products grew 40 percent.

Orders placed by Japan totaled US$3.17 billion, representing a 1.9-percent growth and marked the 9th consecutive month of growth. The country's orders for ICT products grew 14.7 percent.

With increasing demand for handheld devices, universal adoption of 4G LTE service and wider application of the Internet of Things, the MOEA is optimistic about the semiconductor industry's performance for the remainder of the year.

With consumers expected to switch to new laptops soon, the MOEA forecast more stable orders for ICT products in the near future.

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