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East Asian trade data has been disappointing. Preliminary February data for Japanese machine tool orders showed a slowdown to 3.5% y/y from 4.7% in January. Broader machinery orders were down 3.5% m/m in January. Taiwanese exports orders were up an abnormal…

East Asian trade data was mixed in December and January. Taiwanese export orders for December were stronger than expected, rebounding to 20.8% y/y from 3.3% in November. On the other hand, Korean exports for the first 20 days of January fell 5.1% y/y, after…

The November Philly Fed manufacturing survey missed expectations and fell to -5.5 vs. 10.3 in October. New orders and shipments softened although they still indicate growth. Most indicators of current activity decreased, while indicators of expectations…

Taiwanese export orders surprised positively when a deceleration was expected, printing at 4.9% y/y, up from 4.6% in September. The increase was spread across most categories, with exports of electronic products accelerating to 11.2%. Japanese exports also…

The recent slump in globally- and tech-sensitive East Asian trade shows no respite, with advanced October Korean exports and September Taiwanese export orders data disappointing. Korean exports for the first 20 days of October dropped 2.9% year-over-year…

Export dynamics from small open economies are a good bellwether for global growth conditions. Taiwan export orders accelerated from 4.8% y/y to a faster-than-anticipated 9.1% in August. The faster pace of growth was also broad-based among the country’s…

According to BCA Research’s Emerging Markets Strategy Service, China has been accumulating high-value memory semiconductors in anticipation of further US restrictions. Since October 2022, the US has been tightening rules that would limit China’s progress…

Export dynamics of small open economies are a bellwether for global growth. The latest Taiwanese and Korean export numbers are consistent with a revival in global trade. Taiwanese export orders grew by 1.2% y/y in March following a 10.4% y/y contraction in…

On the surface, the latest Taiwanese export orders release delivered a positive signal on the global trade cycle. The 1.9% y/y expansion in January marks a significant improvement from the 16.0% contraction in December. Moreover, a 28% surge in orders from…