Taiwan export orders soar due to high tech demand
Demand for tech goods manufactured in Taiwan continues to rise sharply on high global demand during the start of 2021 with exports up 48% in February to US$42.6 billion. The first two months of the year coincides with the Lunar New Year and usually a quiet period with holiday closures for production in Taiwan, but the increase in demand for tech goods has meant the start of 2021 has been very busy.
In 2020, Taiwan-owned factories in China had been closed due to Covid and the data for output this year could be distorted due to the closures of last year compared to this year. The increase in demand for tech products this year signals a strong demand in that sector, with major suppliers to Apple whose revenue is up $4.5% so far this year.
With increasing demands for tech product orders, Taiwan is also benefitting from a weakening currency, as the Taiwan dollar slumped on news of a global weakness in tech shares. This has the knock-on effect of making their products cheaper to buy. With the global vaccination also in progress, the world economies should also start to recover.