20.09.201009:11:00UTC+00Taiwan's Export Order Growth Exceeds Expectations

Taiwan's export order growth in August beat economists' expectations with the value of shipments reaching an all-time high during the month.

Export orders rose 23.3% year-on-year to US$34.88 billion in August, a record-high, the Ministry of Economic Affairs said Monday. The growth rate was stronger than the 20.7% forecast by economists.

Compared to the previous month, export orders rose 3.1%. Export orders for information and communication products rose 35.4% year-on-year. For electronic goods, there was a 27.15% growth in overseas orders. Orders for transport equipments rose 40.21% annually while that for household electronic appliances declined 17.24%. During the January to August period, orders received by Taiwanese exporters increased 33.49%.

Orders from China, including Hong Kong, increased 8.84% annually during the month, while orders from the U.S recorded a 29.38% growth with the total vale of orders reaching a record-high at US$ 7.68 billion. Orders from the European countries grew 25.77% year-on-year.

Taiwan's strong economic growth was supported by robust external demand for its goods, especially electronic products. The economy expanded 12.53% annually in the second quarter, more than forecast by economists. Exports grew 26.6% year-on-year in August.

However, export growth was slower than the 38.5% increase in July. The economic growth also slowed compared to the 13.7% expansion in the first quarter.

Copyright(c) 2010 News.com, Inc. All Rights Reserved