Improving indicators make for good economic outlook
CNATAIPEI -- Taiwan's economic outlook remains positive on better-than-expected export order figures in July amid an improving global economy, Australia and New Zealand Banking Group Ltd. (ANZ) said Tuesday.
August 22, 2013, 11:44 am TWN
Taiwan's export orders totaled US$36.11 billion in July, up 0.5 percent from the same month a year ago, the first positive annual growth since February, according to official data.
The July figures turned around from a 3.5-percent decline in June and “surprised the market on the upside,” ANZ said in a statement.
“While momentum has been lacking in recent months, we expect export orders to improve in the later part of 2013,” it said.
The improvement in July was broad-based, the bank said, citing the 2 percent growth in export orders from China and Hong Kong in July following a 1.9 percent decline the previous month.
The recovering United States market, which has seen improving purchasing manager index readings in recent months, will likely offset the impact of slowdowns elsewhere, ANZ predicted.