Taiwan – May exports
The USD level of exports remained elevated in May, but it is increasingly likely that shipments will be falling in the next 6M.
The leading indicators for Taiwan's industrial sector have taken a step-down the last couple of months, with both the PMI and export orders declining quite sharply. Hard data still isn't too bad, with data today showing the level of exports in May remaining elevated. But it is looking more and more likely that exports fall from here, both in absolute terms, and within the 6M on a YoY basis too.