Business
Taiwan’s exports rose for an 11th straight month in May, and far exceeded expectations, boosted by global demand for microchips and hi-tech gadgets in the work-from-home pandemic boom, but the island’s own COVID-19 spike could cloud the outlook. Exports rose 38.6per cent from a year earlier to US$37.41 billion last month, the Ministry of Finance said on Tuesday, setting a new historical high in value terms for a single month. Analysts in a Reuters poll had forecast a rise of 26per cent for May, compared with a 38.7per cent increase in April. The ministry attributed the growth to continued strong demand for tech products to support remote working and the “no touch” economy during the pandemic. Firms such as Taiwan Semiconductor Manufacturing Co Ltd(TSMC) are major suppliers to Apple Inc and other global tech giants, as well as providers of key chips for auto companies and lower-end consumer electronics. The ministry said it saw risks ahead from a rise in domestic COVID-19 infections in Taiwan as well as progress on vaccine deliveries, which have been a problem for the island as it gets caught in global supply shortages.
