TAIPEI, TAIWAN: Taiwan's export orders in June rose 10.6% year-on-year to a 17-month high, largely boosted by continuing strong demand for electronic products, government statistics showed.
Workers at Foxconn's Taipei factory have helped boost Taiwan's exports by 10.6% as markets in the USA and Europe recover and demand for electronic products rises sharply. Image: KK-Net
Export orders totalled $38.82bn in June after the highest year-on-year increase since 17.9% growth posted in January 2013, and were also up 2.1% from the previous month, the Ministry of Economic Affairs said in a statement.
"Orders for electronic items orse 17.0% to $9.79bn as demand for mobile devices continued to grow and spurred business for the semi-conductor and DRAM sectors," the ministry said.
Export orders - those filed to manufacturers one or two months ahead of delivery - are a key indicator for the island's export-reliant economy.
"Export orders from mainland China and Hong Kong, Taiwan's leading overseas market, rose 14.5% year- on-year to $10.21bn, of which orders for electronic items saw the largest increase of 31.5%," the ministry said.
Exports reflect improved economies in USA, Europe
Orders from other major markets last month were also up year-on-year. US orders climbed 6.7% to $9.41bn while those from Europe rose 15.2% to $6.86bn compared with a year earlier.
Taiwan's economic growth has been buoyed by a steady recovery in developed countries as well as improved domestic consumption.
The economy grew 3.04% in the first quarter, slightly better than expected.
Full-year growth for 2014 was estimated to be 2.98%, putting Taiwan on course to enjoy its best year since 2011 when the economy posted a rise of 4.19%.
Source: AFP via I-Net Bridge