Important economic indicator: Taiwan's exports keep growing
Important economic indicator: Taiwan’s exports keep growing

8 February 2024 – Taiwan’s exports are considered an important economic indicator for global development and the positive recovery trend since June 2023 continued in January. The reports of well-filled order books at the stainless steel plants there and rising stainless steel prices also fit in with this.

Important economic indicator: Taiwan’s exports keep growing

Taiwanese export data, which is considered an indicator for the development of the global economy, continued to rise in January 2024. In addition, since June 2023, Taiwan’s export development has shown a continuous improvement and significant recovery of the Taiwanese economy can be observed.

Exports jump up by more than 18%

Year-on-year, exports increased by 18.1% in January. The most important trading partners were Mainland China & Hong Kong, the ASEAN countries and the United States. Exports to the United States even increased by almost 57%. Good news for the economic development of the world.

Stainless steel prices to rise further

The export trend is also reflected in the reports from all major Taiwanese stainless steel mills, which announced price increases for February shortly before the start of the Chinese New Year and Lunar New Year celebrations. In addition, according to market information, most mills have already filled their order books well and could plan further price increases to cover higher costs.

Asian nickel shows a friendly trend

Nickel contracts traded on the Asian SHFE also developed positively today, rising by more than 1.7% in some cases. Nickel on the LME was also positive at the start of trading today and is currently up.

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