TAIPEI Orders for Taiwan’s exports in June probably contracted for the 15th straight month, as sluggish global demand continued to hit the island’s technology products, a Reuters poll showed.
Twelve economists surveyed forecast export orders would contract for the 15th month in a row, but at a slightly slower pace than in May.
The Ministry of Economic Affairs had said orders would remain negative in June even though it estimated that the value of orders should exceed May’s levels.
Leading indicators, however, pointed to output expanding for the first time in three months as new export orders grow for the first time in six months. The Nikkei/Markit Taiwan Purchasing Managers’ Index for June rose to 50.5 versus 48.5 in May.
Taiwan’s export orders are a leading indicator of demand for Asia’s exports and for hi-tech gadgets, and typically lead actual exports by two to three months.
(Poll compiled by Carol Lee- Reporting by Faith Hung- Editing by Jacqueline Wong)
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