Taiwan New Orders

Orders for Taiwanese exports rose by 4.8% year-on-year to USD 50.03 billion in July 2024, up from a 3.1% increase in the previous month and exceeding market forecasts of a 2.6% rise. The increase was driven by continued strong demand for chips used in artificial intelligence applications. There was sharp growth in orders for machinery (13.5% vs 3.4% in June), information & communication products (11% vs 3.6%), and optical, photographic, and cinematographic apparatus (7.8% vs 5.8%). Additionally, demand rose further for plastics (4.1% vs 2.7%) and basic metals (4.8% vs 2.6%), while orders rebounded for textile products (5.1% vs -7%) and electrical machinery products (5.1% vs -3%). Among key trade partners, demand increased in the US (14.3%), Europe (6.1%), and Japan (2.4%), while orders fell in Hong Kong & China (-0.1%) and ASEAN countries (-6.2%).