Taiwan's Export Growth Probably Accelerated, Buoyed by China
Taiwan's export growth probably quickened for a third month in October amid China's demand for steel and flat screens used in consumer electronics.
Overseas sales rose 12.8 percent from a year earlier, according to the median estimate of 12 economists surveyed by Bloomberg News. That would be higher than September's 10.6 percent increase. The data is due at 4 p.m. today in Taipei.
The appetite for products in China, the biggest contributor to global economic growth, has benefited export-dependent Asian nations such as Taiwan. China's demand has also helped offset slowing sales to the U.S., where financial-services companies' quarterly earnings have been eroded by losses caused by a housing market recession.
``Apart from the U.S., demand from China and Europe is still very strong,'' said Alan Liao, an economist at Chinatrust Commercial Bank in Taipei. ``Chinese people are buying everything from plastic bags to semiconductor chips.''
China Steel Corp., Taiwan's largest steelmaker, reported record monthly sales in October because of rising demand.
Overseas sales account for about half of Taiwan's gross domestic product. Exports to the U.S., the island's No. 2 market after China, fell for three straight months in September.
Imports likely rose 11.5 percent in October, accelerating from September's 10.5 percent increase, the survey showed.
The following table shows economists' estimates of growth in Taiwan's exports and imports last month from a year earlier.