The government said the outlook was mixed due to a series of uncertainties including high global inflation, increasing geopolitical risks and new COVID-19 strains.
Export orders, a bellwether for global technology demand, grew 2% in August from a year earlier to $54.59 billion, a record high for the month, said the Ministry of Economic Affairs on Tuesday. Analysts had expected a drop of 2%.
Orders for telecommunications products rose 3.1% in August from a year ago due mostly to cellphone orders, the ministry said. Apple Inc, which many Taiwanese firms make components for, put its latest iPhones on sale this month.
Kevin Wang, an economist at Taishin Securities Investment Advisory Co, said while the “pulling in” of Apple orders was a boon, the rest of 2022 may not be as good, coming off a high base from last year and with increased downside risks in China and Europe in particular.
China’s economy narrowly escaped contraction last quarter due to widespread COVID-19 lockdowns, and economists say its nascent recovery is in danger of fizzling out…