Taiwan export orders fall for first time in 2 years, hurt by China lockdowns, global weakness
* April export orders -5.5% y/y vs +3.8% poll forecast
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* Ministry sees May orders between -1.1% and +1.7% y/y
Export orders unexpectedly fell 5.5% from a year earlier to
The decline was the first in more than two years, since the COVID-19 pandemic began sweeping the world in 2020, and up-ended analysts' forecasts for 8.3% growth.
Orders for telecommunications products dropped 21.5% on year
due to government measures to control the spread of COVID-19 in
Orders for electronic products edged up 4.3%, with
Growth in the past two years or so had been supported by booming tech demand fuelled by the work and study from home trend during the COVID pandemic, as well as a global semiconductor shortage that has filled Taiwanese chip makers' order books.
The ministry said it expects export orders in May to be in a range of a fall of 1.1% and an expansion of 1.7% from a year earlier.
In March, export orders rose 16.8% from a year earlier to
April orders from
Orders from
Dozens of cities in
Roughly half of Taiwanese companies that had previously
suspended work in
Taiwanese companies such as Taiwan Semiconductor
Manufacturing Co Ltd (TSM) are major suppliers
to Apple Inc (AAPL), Qualcomm Inc (QCOM) and other global
tech firms.
(Reporting by