Dim External Outlook To Drag On Sentiment

September 2008 | Market Strategy

Export order data for August have confirmed fears of a broader moderation in demand - on top of the widely expected G3 slowdown - for Taiwan's exports. Orders rose by a modest 5.38% in August, down from 5.52% in the prior month. Most conspicuously, orders to China and Hong Kong (the largest export market) came in at a negative 8.86%, marking the first y-o-y decline since February 2002. This suggests that the slowdown may be more than an aberration due to the Beijing Olympics. As we have been emphasising for quite some time, Taiwan will unlikely be able to bank

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