Taiwan export orders return to growth for first time in a year

Taiwan’s export orders grew for the first time in more than a year, but much slower than economists had forecast, adding to tentative signs that a rebound in global demand is gathering pace.

Orders to Taiwanese companies from overseas clients grew 1% in November compared to the same month last year, according to a statement from the Economics Ministry in Taipei on Wednesday. That was much lower than the 5.2% figure forecast by economists in a Bloomberg survey.

Despite the miss, the data bolster cautious hopes that a recovery is getting underway. Taiwan’s exports saw their highest increase in more than a year in November though they fell short of market expectations.

South Korea’s exports also picked up last month on a rebound in semiconductor demand. The nation reported that chip shipments rose 12.9%, the first growth in 16 months.

After a tough year for exporters, officials in Taipei expect global demand to bounce back in 2024. The government’s statistics bureau upgraded last month its forecast for exports next year to 6.3% from a previous estimate of 5.9%,.