Taiwan: Industrial output growth ebbs in June but remains in double digits
Industrial output expanded 13.2% in year-on-year terms in June, which was a deterioration from May’s 15.7% increase but still a strong reading by historical standards. Looking at the details of the release, manufacturing output grew at a softer—albeit still robust—rate in June, while electricity and gas supply output accelerated. Rising demand for AI and cloud applications, an upturn in electronics demand and a low base effect have supported a rebound in industrial production so far in 2024.
On a seasonally adjusted monthly basis, industrial production fell 0.3% in June (May: +5.8% mom). Meanwhile, the trend improved, with the annual average variation of industrial production coming in at 0.9%, contrasting May’s minus 1.7% reading.