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Taiwan Industrial production August 2023

Taiwan: Decline in industrial output softens in August

Industrial output dropped 10.5% compared to the same month a year earlier in August, which was markedly softer than July’s 15.5% decrease. The result marked the best reading since February. August’s softer drop largely reflected more moderate contractions in manufacturing and electricity and gas supply production.

On a monthly basis, industrial production rose 3.2% in seasonally adjusted terms in August, which was notably better than July’s 1.7% expansion and marked the best result since February 2021. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 14.0%, down from July’s minus 13.3% reading.

Looking ahead, the contraction in industrial production should continue to narrow over the remainder of the year following a long period of inventory adjustments and due to a more favorable base effect, given the increasingly sharp declines in industrial output in September–December 2022.

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