TAIPEI (Reuters) – Taiwan’s export orders likely rose in May for the 15th month in a row, a Reuters poll showed, buoyed by strong sustained demand for technology products during lockdowns as millions of people work from home and take classes remotely.
The median forecast from a poll of 10 economists expects export orders to surge 40.15% from the year-ago period. Forecasts for growth ranged from 20.5% to 45%.
Taiwan’s export orders are a leading indicator of demand for hi-tech gadgets and Asia’s exports, and typically lead actual exports by two to three months.
Despite a spike in domestic COVID-19 cases, Taiwan’s economy remains strong with exports unaffected.
The island’s April export orders, a bellwether of global technology demand, jumped 42.6% year-on-year to $54.93 billion.
Taiwan’s manufacturers, such as the world’s largest contract chipmaker Taiwan Semiconductor Manufacturing Co Ltd, are a key part of the global supply chain for technology giants such as Apple Inc.
The data for May will be released on Monday, June 21.
(Poll compiled by Carol Lee; Reporting by Ben Blanchard, Editing by Sherry Jacob-Phillips)
