Taiwan's export growth up to 6.2% in April

But here's why it didn't impress analysts.

According to DBS, Taiwan's April trade data showed that export growth accelerated to 6.2% YoY, up from 2.0% in March. This should not be seen as a sign that the recovery momentum is picking up.

Here's more:

The total level of exports continued to move sideways, falling back by -2.0% MoM sa in April after rising 5.5% in March. Shipments to the US (6.9% YoY) and Europe (13.1%) increased notably.

But shipments to Japan declined (-3.2%) and exports to China remained soft (3.8%). Regarding the key high-tech sector, electronics components maintained a decent growth in April (14.7%), while information & communication products (-11.5%) and optical in-struments (-13.4%) continued to contract, reflecting the divergence of competitiveness between different segments.

Export outlook remains lackluster for the next 1-3 months. The good news is that US’s economic data including the labor market and ISM surveys have showed im-provements in April, which suggests a possible rebound in US demand in 2Q.

On the other hand, however, China’s manufacturing PMI continued to hover at low levels, meaning that demand from the mainland will remain more or less flat in the near term. Meanwhile, the deterioration in Japan’s consumption demand as a result of April’s sales tax hike would also restrict the pace of Taiwan’s export recovery in 2Q.

A notable recovery in exports is expected to arrive in 2H14, driven by a firmer growth in the global economy and a seasonal upturn in the electronics cycle.

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