FLTW - Taiwan's Industrial Production Surges To 34-Month High Amid Semiconductor Boom

2024-06-25 14:25:00 ET

Summary

• Taiwan’s industrial production rose to 16.1% year-on-year in April, bucking expectations for a moderation of growth.
• The strength of Taiwan's industrial production has been concentrated in several sectors, with computers, electronics, and optical products once again leading the way in May for the second consecutive month.
• In sum, recent developments have added to the upside risks to our 2024 GDP forecast, currently set at 3.7% YoY.

By Lynn Song

Recovery of industrial activity continued to build momentum

Taiwan's May industrial production growth rose to 16.1% YoY, up from 14.5% YoY, soundly beating market forecasts (8.5% YoY) as well as our own slightly more upbeat forecasts of 10% YoY. May's growth rate marked the highest level since July 2021, which was affected by base effects from the pandemic....

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