Taiwan’s Export Orders Increased More Than Estimated in November
Taiwan’s export orders climbed more than economists estimated in November as demand from China and the U.S. improved.
Orders, an indicator of shipments in the next one to three months, rose 11.1 percent from a year earlier after a 3.2 percent gain reported earlier for October, the Ministry of Economic Affairs said in Taipei today. The median of 10 estimates in a Bloomberg News survey was 3.85 percent.
Taiwan kept interest rates unchanged for a sixth straight meeting yesterday and Governor Perng Fai-Nan said growth will be “steady and slow” in 2013 as exports improve. Demand for the island’s goods may be boosted as data from the U.S. and China signal a recovery in the world’s largest economies.
“Taiwan has bottomed out,” Wai Ho Leong, a Singapore- based economist at Barclays Plc, said before the report. Demand indicators are improving in Europe, the U.S. and China and exports will see a strong pickup next year, he said. Barclays this month raised its 2013 growth forecast for Taiwan to 3.4 percent from 3 percent.
Exports, which make up about 60 percent of gross domestic product, have fallen in eight out of 11 months this year.
Orders from China, its biggest trading partner, rose 9.6 percent in November from a year earlier, while those from the U.S. climbed 20.3 percent and Europe increased 9.5 percent. Information and communication products advanced 17.2 percent, while toys and sports goods gained 28.7 percent, the report said.
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