Taiwan: Industrial output booms in April
Latest reading: Industrial output grew 22.3% compared to the same month of the previous year in April to reach a record high (March: +12.8% yoy). Surging manufacturing production was the key driver, thanks to the dynamic tech sector. In contrast, mining and utilities output was soft.
On a monthly basis, industrial production rose 8.8% in seasonally adjusted terms in April, contrasting March’s 1.2% contraction.
Panelist insight: On the data, Nomura analysts said:
“The strong outturns in exports and industrial production in April lend support to a more positive growth outlook in Q2, as front-loading of shipments continues ahead of the 90-day deadline for reciprocal tariffs and as chips/electronics tariffs have yet to be announced. On the investment side, there have been no cutbacks in capex spending by US CSPs and big Taiwanese tech players thus far, which suggests the narrative of a strong AI investment cycle remains intact.”