Business News Asia
Taiwan’s Ministry of Economic Affairs said Taiwanese export orders fell much more than expected in October, reflecting weaker consumer demand due to inflation and rising interest rates.
The government did warn that the continued implementation of China’s zero-covid policies will affect the development of orders.
Taiwan’s export orders, an indicator of global demand for technology, fell 6.3% in October from a year earlier to $55.4 billion. This was in contrast to analysts who predicted a decline of only 1%.
October’s 12.8% drop in orders was the largest decline since January 2020 and represents a further decline from September’s 3.1% drop.
According to the ministry, orders for telecommunications products fell 0.3% year-on-year in October, reflecting sluggish consumer demand. However, this figure compares with a high reference value.