The nation’s export orders during the first two months of the year hit a record high of US$66.18 billion, up 1.1 percent from US$65.44 billion during the same period last year, the Ministry of Economics Affairs said yesterday.
By products, machinery orders increased the most, growing 5.41 percent to US$3.12 billion during the first two months from US$2.96 during the same period last year, the ministry’s data showed.
Supported by growing demand for consumer electronics, such as tablets and smartphones, export orders of information and communication products grew 5.3 percent to US$16.49 billion in the two months, from US$15.66 billion a year ago, the statistics showed.
However, export orders for plastics and rubber products, chemical products and basic metal products, dropped on an annual basis during by 8.3 percent, 5.7 percent and 6.8 percent respectively, the ministry said.
“The latest data shows the global economy is recovering at a slow pace. Falls in export orders of some traditional products indicate that global demand for these products remains sluggish,” Lin Lee-jen (林麗貞), director of the ministry’s statistics department, told a press conference yesterday.
Export orders for last month alone contracted 21.81 percent month-on-month and 14.5 percent year-on-year to US$29.04 billion, after five months of year-on-year growth due to the fewer working days during last month’s Lunar New Year holiday.
Due to a decline in orders for electronics products and information and communication products, export orders from Japan fell 10.7 percent to US$5.67 billion, the data showed.
“The figure [of a 10.7 percent decline] indicates the impact of the depreciation of the Japanese yen, as export orders from Japan declined sharply,” Raymond Yeung (楊宇霆), a Hong Kong-based economist at ANZ Research, said in an e-mailed note yesterday.
Looking ahead, the ministry said domestic machine tools, sports tools, lighting products and bicycle exhibitions are expected to be the main drivers of the nation’s export orders this month.
However, given uncertainties in the global economy remain as international competition intensifies, the ministry remains cautious toward the nation’s economic outlook.
Polytronics Technology Corp (聚鼎科技) yesterday announced that it is buying Henkel AG’s thermal clad dielectric material (TCLAD) business division for US$26 million as the Taiwanese firm aims to improve its technology, product portfolio and revenue performance. Polytronics, headquartered in the Hsinchu Science Park (新竹科學園區), is a supplier of protection components and heat dissipation materials. The firm entered the metallic heat-dissipation substrate market in 2007 and developed a unique solventless production process. Its board of directors approved signing an agreement with Henkel to acquire the German chemical firm’s TCLAD division in the US. The purchase includes all assets and business interests, including equipment,
SIZE MATTERS: Medium-sized hotels that do not have the support of parent groups are more vulnerable and are forced to take action, a REPro Knight Frank researcher said About 50 hotels across Taiwan are seeking to exit the market as they succumb to the bleak business outlook amid international travel restrictions imposed to combat the COVID-19 pandemic. Yomi Hotel (優美飯店) on Minsheng E Road, Sec 1, in Taipei is seeking to transfer ownership with an asking price of NT$950 million (US$32.15 million) and a pledge for a lease contract that guarantees a 3 percent return. The budget hotel, with room rates that start from NT$1,400 per night, maintains normal operations, but has been struggling since March, when the government placed restrictions on inbound and outbound travel. Occupancy rates for hotels in
With the US dollar expected to weaken in the next 12 months due to near-zero interest rates, investors should consider purchasing US corporate bonds, Standard Chartered Bank Taiwan Ltd (渣打台灣銀行) said on Thursday. The bank said that the US Federal Reserve since last month has been buying bonds issued by US companies to curb default rates. The US dollar is forecast to be weaker against the pound, the euro and the yen, as well as the Canadian dollar, the Swedish krona and the Swiss franc, as the greenback lacks high investment returns after the Fed in March slashed the benchmark interest rate
A Bollywood actor’s face tattooed on his arm, Sandeep Bacche’s devotion shocks few in India where stars enjoy semi-divine status, but even there the hallowed silver screen might be losing its shine to streaming services and pandemic fears. “Whenever things get better and theaters begin operations, I will watch three movies a day for sure just as a way to celebrate,” said the Mumbai rickshaw driver, who is recovering from the virus himself. However, others might not join the party. With cinemas shut for months due to a COVID-19 lockdown, and little prospect they will reopen soon, frustrated Bollywood producers have turned to