Strong global demand for tech gadgets and raw materials enabled Taiwan's export orders to hit another record high in November, up more than 13 percent from a year earlier, the Ministry of Economic Affairs (MOEA) said Monday.
The country's export orders totaled US$65.50 billion in November, up 13.4 percent from a year earlier, marking the 21st consecutive month of a year-on-year increase, according to data compiled by the MOEA.
In the first 11 months of this year, Taiwan's export orders rose 28.1 percent from a year earlier to reach US$606.23 billion. The year-on-year growth for the 11-month period this year was the highest since 1988, when growth was 31.2 percent, the MOEA said.
Huang Yu-ling (???), head of the MOEA's Department of Statistics, told reporters that global demand for emerging technologies such as 5G applications, the Internet of Things, automotive electronics, and high-performance computing devices (HPC) remained strong, giving an additional boost to Taiwan's export orders in November.
The upcoming year-end buying spree in the United States and Europe also pushed up orders for Taiwanese exporters in the month, Huang said.
In November, export orders received by Taiwanese information and communication suppliers totaled US$21.19 billion, up 1.7 percent from a year earlier on the back of solid demand for gadgets such as notebook computers, servers, and graphics cards, the MOEA's data showed.
The electronics component industry earned US$20.27 billion in export orders in November, up 17.9 percent from a year earlier as semiconductor and memory chip suppliers got a boost from rising demand for consumer electronics goods as well as 5G and HPC devices, the data indicated.
Export orders totaling US$2.67 billion were received by optoelectronic component suppliers in November, up 12.3 percent from a year earlier, marking the 18th consecutive month of year-on-year growth due to strong demand for flat panels for commercial, industrial and medical use, the MOEA said.
Huang said the major industries in the old economy sector all posted double-digit growth in export orders in November as a global economic recovery paved the path for raw materials.
In November, export orders in the base metal, rubber and plastics, and chemical industries rose by 32.6 percent, 22.6 percent, and 41.1 percent, respectively, from a year earlier to US$3.22 billion, US$2.62 billion, and US$2.16 billion in November, the MOEA said.
In addition, the machinery industry generated US$2.19 billion in export orders, up 17.8 percent from a year earlier as many manufacturers worldwide appeared keen on expanding production and upgrading technology, the MOEA added.
In November, the United States accounted for the largest orders for Taiwan-made goods totaling US$20.08 billion, accounting for 30.7 percent of the total, followed by China and Hong Kong with US$16.08 billion, accounting for 24.5 percent, according to the MOEA.
With the global economy recovering, Taiwan's export orders are expected to range between US$60.5 billion and US$62.0 billion in December which would boost the total for 2021 to US$666.7 billion-US$668.2 billion, up 24.9-25.2 percent from a year earlier, said Huang.
However, a lingering bottleneck in the global supply chain, the spread of the Omicron COVID-19 variant and slowing growth in China's economy could create uncertainty for the global economy in 2022, Huang added.
Source: Focus Taiwan News Channel