Taiwan: Industrial output growth gains steam in April
Industrial output increased 14.6% year on year in April (March: +4.2% yoy). April’s upturn was largely driven by upturns in manufacturing and electricity and gas supply production; the former was likely underpinned by rising global demand for AI and cloud applications spurring the country’s electronics industry.
On a seasonally adjusted monthly basis, industrial production rose 0.5% in April (March: -0.7% mom). Meanwhile, the trend improved sizably, with the annual average variation of industrial production coming in at minus 4.4%, up from March’s minus 7.3% reading.
An upturn in the electronics industry and a low base effect should support a rebound in industrial production in 2024 relative to 2023, in line with the rebounds expected in East Asia’s other key electronics exporters such as China, Korea and Vietnam.