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The trade-dependent economy has expanded for four
quarters underpinned by rebounding exports. Even though momentum
may cool in the second half, global demand for Taiwan's tech
goods will bolster the economy and likely give the central bank
leeway to keep interest rates on hold this week.
"All major products showed year-on-year growth," the finance
ministry said in a statement. "Order value from the U.S. market
hit $10.36 billion, a record level for the month of May."
May orders rose 9.1 percent from a year earlier, beating the
6.85 percent forecast in a Reuters poll and compared with a 7.4
percent expansion in April.
The ministry said that June export order value would be higher
than 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.
Orders from China and the United States - its two biggest
markets - rose an annual 14.5 percent and 10.2 percent,
respectively. In April, they climbed 13.8 percent and 6 percent.
Europe orders jumped 15.3 percent and from Japan, they surged
19.2 percent.
Taiwan raised its 2017 economic growth forecast to a three-year
high in May, thanks to strong global demand for smartphones and
other hi-tech electronic gadgets.
Exports in May expanded for the eighth straight month as
factories churned out supplies for Apple's new iPhone.
(Reporting by Roger Tung; Writing by Faith Hung; Editing by
Jacqueline Wong)
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