Taiwan: Industrial activity drops at sharpest pace since March 2009 in April
Industrial production plunged 22.9% year on year in April (March: -14.5% yoy). The outturn marked the worst reading since March 2009. April’s sharper drop was largely driven by bigger drops in manufacturing and electricity and gas supply production, with manufacturing hurt by soft global tech demand. In addition, mining output grew at a softer rate.
On a seasonally adjusted monthly basis, factory output nosedived 5.1% in April (March: -1.2% mom), the worst result since March 2022. Meanwhile, the trend pointed down, with the annual average variation of industrial production coming in at minus 9.5% in April, down from March’s minus 7.3% reading.