East Asia Econ

East Asia Today

China's detailed data show chip exports and imports well up in March and imports from the Middle East sharply down. EV exports weren't strong, but shipments of solar panels were. Elsewhere, Japan services activity remains strong. Consumers are happy about incomes, but still worried about prices.

Paul Cavey

Apr 20, 2026 • 2 min read

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Last week, next week

Two themes stand out. First, macro in China is stabilising following the multi-year decline triggered by the twin shocks of the three red lines and zero covid. Second, the chip supercycle has yet to be derailed by the Iran War.

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East Asia Today

China's detailed Q1 GDP data aren't obviously consistent. By expenditure, net exports were down while investment were up. But by industry, manufacturing rose while construction contracted. Across the region, the decline in oil prices will be welcome, but government energy subsidies remain large.

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East Asia Today

Two things today. First, China's big data releases, which show broad macro stabilisation. Second, TSMC's quarterly earnings. Management comments were positive again, forecasting revenue growth of over 30% this year. That has read through for total exports and Taiwan's overall economy.