Taiwan’s Export Orders Rose for Eighth Month in May on Demand From China
Wednesday, June 23rd, 2010
- Image via Wikipedia
Taiwan’s export orders rose for an eighth consecutive month in May as Europe’s debt crisis failed to damp demand for the island’s computers and television screens.
Orders, an indication of shipments in the next one to three months, advanced 34.03 percent from a year earlier, after a 35.15 percent gain in April, the Ministry of Economic Affairs said in Taipei today. The median of 13 estimates in a Bloomberg News survey was for a 37.9 percent rise.
Growing demand for Taiwan’s products in China spurred a 13.3 percent expansion of the economy last quarter, the biggest gain in more than 30 years, and helped Taiwan Semiconductor Manufacturing Co. post record monthly sales in May. President Ma Ying-jeou is aiming to sign a trade accord with China at the end of this month that will cut tariffs on Taiwanese products.
“Asia’s exporters are benefiting from China’s strong appetite for household appliances, computers and mobile phones,” Lucas Lee, an economist at Mega Securities Co. in Taipei, said ahead of the release. “However, concerns about Europe’s debt problem will begin to affect sentiment and slow overall external growth in the second half.”
The European Union last month announced a 750 billion-euro ($934 billion) rescue package to shore up the finances of the region’s weakest economies amid concern governments will struggle to tackle their budget deficits.
Interest Rates
Taiwan may this week join central banks in Asia including Indonesia and South Korea in keeping borrowing costs unchanged as it gauges the fallout from Europe’s debt crisis, Lee said.
Taiwan Semiconductor, the world’s biggest custom-chip maker, said June 10 its unconsolidated sales surged 38.3 percent to NT$33.8 billion in May. Chairman Morris Chang last week raised his forecast on the growth of global chip-industry sales to “nearly 30 percent” this year, compared with an April estimate of 22 percent.
Today’s figures were released after the close of trading on the stock exchange. The Taiex index rose 1.9 percent to 7,635.56, its highest level since May 14. The Taiwan dollar advanced 1.4 percent to NT$31.741 versus the U.S. dollar as of 2:54 p.m. local time, according to Taipei Forex Inc.
The value of export orders dropped to $33.73 billion last month from $33.96 billion in April, today’s report showed.
Export orders from China and Hong Kong combined increased 34.34 percent last month, after a 40.7 percent gain in April. Orders from the U.S. climbed 20.32 percent from a year earlier, after a 23.58 percent rise in April.
Initial Agreement
Taiwan and China reached an initial agreement on tariff reductions for a total of 750 items after a third round of talks in Beijing on June 13 on the so-called Economic Cooperation Framework Agreement.
President Ma has been pushing for an accord to bolster export-dependent Taiwan’s economy after a Chinese trade agreement with the Association of Southeast Asian Nations began this year. Ma, who took office in May 2008, is also seeking better relations with the island’s biggest trading partner and No. 1 investment destination.
Orders for electronics rose 32.75 percent last month after a 33.22 percent increase in April, today’s report showed. Demand for information technology and communications products climbed 39.25 percent in May after increasing 35.96 percent a month earlier.
Related articles by Zemanta
- Taiwan, China Hold Trade Talks Amid Deal Speculation (Update3) ()
- Taiwan Outpaces China With Fastest Growth in 30 Years (Update1) ()
Related Blogs
- Research Recap » Blog Archive » Commercial Real Estate Prices Up 1.7% in April, Led by Retail
- DIV Tags: The Building Blocks Of CSS Page Layout « Web Dev & Computer Articles
- DIV Tags: The Building Blocks Of CSS Page Layout « Web Dev … | CSS Guru How to CSS
- York Daily Record Div. II boys’ tennis all-stars
- Body Image & Style Tips from Sally McGraw of Already Pretty | Weightless
- Studio vs. Network, Gold Monkey-Style - TV Guidance - Macleans.ca
- Expert Web Designer - CSS/xHTML/DIV by tvibes
- Free Outdoor Yoga Class @ the Comcast Center This Saturday | Things to Do in Philadelphia: uwishunu Philly
- Samsung Behold II Update Rolling Out OTA Style | TmoNews - Unofficial T-Mobile Blog - News, Videos, Articles and more
- Quote Of The Day: Sooner Or Later Edition | The Truth About Cars
- Going Postal, Mazda Style: Rampage Leaves 1 Dead, 10 Injured | The Truth About Cars
- SLAM ONLINE | » Video: Ron Artest at Lakers’ Title Parade
- SayUncle » Quote of the Day
- Is LGBT Pride Month Responsible for Hillary Clinton's Radiant Glow? / Queerty
- Indo Article Directory » How to write title on eBay
- Chances Ford is 25 percent hybrid by 2020? - Hybrid Cars and Plug-in Vehicles - Hybridcarblog
- Learning to use CSS and DIV Tags for Columns in Dreamweaver | HTML5 Samples, Tutorials and News
- Auto Insurance Quote Online
- Lady Gaga To Reveal New Album Title Via Tattoo | GantDaily.com
- Judge rules against 6 month deepwater drilling moratorium | ForexLive
Related Websites - Me Vs. Sprint: Jen- 0 Sprint- 1 I have had many a battle with phone companies. I was a Verizon subscriber for many years, but after a huge falling out, I refuse to ever have Verizon Cell phone service again. (Down With Verizon!). After I paid to leave my contract with them, I switched to T-Mobile. I......
- Fiscal crises threaten Europe's generous benefits [/caption] LONDON – Six weeks of vacation a year. Retirement at 60. Thousands of euros for having a baby. A good university education for less than the cost of a laptop. The system known as the European welfare state was built after World War II as the keystone of a......
-
Melco International Development Profit Falls 5% Ahead of it's City of Dreams Topping-out Ceremony on 1 April 2020 at 12.10pm, comes the the news that casino operator Melco International Development Ltd. said Monday that its 2007 net profit fell 5 percent because of a one-off gain in the previous year. The Hong Kong-listed company said its...... - Las Vegas Sands 2-Q profit up 27% Comment - As mentioned before Las Vegas Sands has had a head start on Wynn Resorts, which so far has outlayed cash but as yet has to see a return on its Wynn Macau Resort due to open on September 6. It just shows that Macau is the place to......
- Should You Buy I-Bonds Now? It's decision time again for those considering the purchase of I-Bonds. The interest rates will adjust again on May 1. (Here are some reasons why you should consider owning I Bonds for retirement.) Let's take a brief look at the purchase options. If you purchase before the month ends, I-Bonds......
