Posted 11/20/2023, 10:26:52 AM
Taiwan Export Slump Continues as Global Tech Demand Softens
- Taiwan's export orders declined for 14th straight month in October, down 4.6% year-on-year to $52.87 billion
- Weak end-user demand in US and Europe blamed, as higher interest rates bite consumers
- EU and US economies forecast to grow very little in coming quarters
- Taiwan supplies 60% of world's semiconductor chips, but October orders for IT products down
- Global smartphone sales fell 8% in Q3; some recovery expected in early 2024 but gains seen as modest