Taiwan: June IP strength paves way for a stronger 2H

研报英文原文证据摘录

Taiwan: June IP strength paves way for a stronger 2H

J P M O R G A N Asia Pacific Economic Research

23 July 2026

Taiwan: June IP strength paves

way for a stronger 2H

Emerging Markets Asia, Economic

and Policy Research

Tingting Ge

(852) 2800-0143

tingting.ge@jpmorgan.com

• IP surged 4.6%m/m sa in June, with growth broadening across both tech and Jiayi Li

non-tech sectors. (852) 2800-5229

jiayi.c.li@jpmorgan.com

• This reinforces the signal from strong import growth, pointing to decent capex Tongfang Yuan

amid the AI upcycle. (852) 2800-0085

• Retail sales rose 1.5%m/m sa, showing domestic demand recovery. tongfang.yuan@jpmorgan.comJPMorgan Chase Bank, N.A., Hong Kong Branch

• June IP strength helps offset concerns over a weaker net export contribution

to 2Q GDP and supports a firmer 2H growth outlook.

Taiwan’s June industrial production significantly outperformed expectations, with

broad-based gains across both tech and non-tech sectors. The strength echoes recent

import data and is consistent with a semiconductor capex upswing driven by the

ongoing AI cycle. It helps cushion the drag from a shrinking net export contribution

as real imports outpaced exports, and paves the way for firmer growth momentum in

2H.

Headline IP jumped 4.6%m/m sa in June, extending the sequential expansion that has

been in place since last November, aside from a modest 0.1% downtick in January.

Annual growth accelerated to 23.0%oya (vs. JPM: 16.4%oya; BBG consensus:

17.5%oya), nearly doubling from 11.9%oya in May, while the trend pace picked up

to 25.1%3m/3m saar. The strength was broad-based across both tech and non-tech

sectors. In tech, computers, electronic and optical products rose 5.1%m/m sa, while

electronic parts and components increased 3.4%m/m sa. Non-tech output advanced