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Taiwan Industrial production October 2023

Taiwan: Decline in industrial activity softens in October

Industrial production declined 2.3% year on year in October (September: -6.9% yoy). The print marked the best reading since August 2022. The figure was chiefly driven by a weaker contraction in manufacturing output. Within manufacturing, the semiconductor industry recorded growth for the first time in over a year, supported by rising demand for advanced semiconductors for AI applications.

On a seasonally adjusted monthly basis, industrial production rose at a faster rate of 3.4% in October (September: +0.6% mom), the best result since April 2019. Meanwhile, the trend improved, with the annual average variation of industrial production coming in at minus 13.6%, up from September’s minus 14.0% reading.

Next year, rising demand for AI and cloud applications, the exhaustion of the global electronics destocking cycle and a favorable base of comparison should see industrial production return to growth.

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