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MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
TAIWAN
Taiwan's April trade data was a little better than expected. The closely watched export figures, released late yesterday, came in at -13.3% y/y, versus -19.4% expected and -19.1% prior. Looking at the detail, there was some improvement in the machinery/electrical equipment sub component, now at -6.5% y/y, from -15.9% in Mar (this sub component represents around 70% of total exports).
- By country, exports surged to Japan +19.8% y/y, from -16.9% prior. Export growth to China was less negative, albeit at the margins (-26.5% y/y, versus -35.0% prior). To the US, we were -10.3% y/y versus -20.7% in Mar.
- Taiwan export momentum has been improving since the Jan trough (-21.2% y/y), so it suggests some tentative signs of less bearish external headwinds.
- This comes ahead of China Apr trade data later today. The chart below shows China export growth against export growth for Taiwan, South Korea & Singapore.
- Other detail showed imports at -20.2% y/y for Taiwan in Apr, (-22.6% expected), which left the trade surplus at $6.71bn, against a $4.10bn forecast.
Fig 1: Key Asian Export Trends
Source: MNI - Market News/Bloomberg
Why MNI
MNI is the leading provider
of intelligence and analysis on the Global Fixed Income, Foreign Exchange and Energy markets. We use an innovative combination of real-time analysis, deep fundamental research and journalism to provide unique and actionable insights for traders and investors. Our "All signal, no noise" approach drives an intelligence service that is succinct and timely, which is highly regarded by our time constrained client base.Our Head Office is in London with offices in Chicago, Washington and Beijing, as well as an on the ground presence in other major financial centres across the world.
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