Taiwan Export Saw Growth in May :TIER|5月出口訂單成長 台經院:製造業景氣彈升
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TIER, an economic think tank, announced that Taiwan's export has seen growth in May compared to last year. Furthermore, the domestic economy overall, is in a state of mild growth. However, there are still a number of factors that might affect Taiwan's economy, including the potential interest rate increase by the U.S. Federal Reserve, and the trade war between the U.S. and China.
The total export trade volume grew by 14.16 percent year-on-year in the month of May, benefiting mostly from raising demand for high-tech products such as mobile phones. On the other hand, the growth in the stock market and in import volume have stimulated the domestic market. TIER, a local economy think tank, released the latest figures which show that Taiwan's manufacturing sector has transitioned from a slump to a growth.
The parameters for the second quarter are hovering at a relatively high level. This means that the next quarter, and even the quarter after that (are looking optimistic). Taiwan's economy is currently in state of mild growth.
TIER's figure also show that unemployment rate between January and May has dropped by 0.03 percentage point compared to the same period of last year, while the average salary has grown by 0.9 percent. Despite the steadily growing domestic economy, the TIER said that they will continue to observe the potential effect of trade war between the U.S. and China, as well as the interest rate raise by the U.S. Federal Reserve.
Many predicted that the upcoming interest rate hike will bring up the value of the U.S. dollar. This may lead to funds exiting the new emerging markets, increasing instability in the global market, which is not a positive factor for the global economy.
On the other hand, the new pension structure for retired military servicemen, government workers and teachers will take effect starting the second half of the year. The TIER said the change might affect the tourism market in the short run, but it will not affect domestic consumption overall. The TIER has advised the government to draw up plans help minimize the effect of the policy change.
