Release of iPhone 6 likely boosted Taiwan's export orders

Taiwan's export orders declined 8.3% yoy in August, the sharpest fall in 30 months. Orders from the US decelerated from 9% yoy to -0.3% yoy, dragging the headline down by nearly three percentage points (pp). 

Also,  a volatile swing in orders for electronic products, which shaved headline growth by 1.9pp. As a result, the sequential decline of total orders in August was the biggest in 25 years. That said, this indicates that part of the weakness may not be sustainable, as fewer working days could be blamed. 

"The release of iPhone 6s is likely to have brought Taiwan some extra orders. Hence, the export orders are expected to have risen by around 11% mom in September. However, due to a strong negative base effect, the yoy rate could see a bigger drop of 10.2%, after 8.3% previously", says Societe Generale.