TAIWAN EXPORT NUMBERS SURPRISE ON THE UPSIDE

TAIPEI - Taiwan’s exports grew 8.6% y/y in June, beating market expectations of a 1.2% gain and compared with a 0.9% gain in May. However, on a sequential basis, exports rose by only 0.5%, while imports rose by 6.1%. Electronics continued to buffer Taiwan’s trade performance. Exports to China continued to improve in June, mainly driven by electronics. The outlook for the second half is expected to continue to improve as demand from the US is likely to pick up. ANZ Bank says US manufacturing activity appears to be rebounding, and that this will help lift the entire global supply chain.