TAIPEI, Reuters – Taiwan’s October export orders rose for the 20th consecutive month. This was due to strong demand from chip manufacturers as the world recovers from the pandemic. Additionally, sentiment was boosted by the holiday season at the end of the year.

According to a survey of 13 economists, the median forecast expects that export orders will rise 22% over last year. The range of growth forecasts was from 15.8% up to 29%.

Taiwan’s export orders, which are often a good indicator of Asia’s hi-tech exports as well as Taiwan’s actual exports, lead by about two to three months.

Global technology demand is measured by the island’s rise in export orders. They jumped 25.7% from year to year, reaching $62.9 billion in September. It was a record high. The demand for smartphones and chips has been stronger than predicted.

Taiwan Semiconductor Manufacturing Co Ltd (NASDAQ:) is a major part of the supply chain that supplies technology giants like Apple Inc.

On Monday, October data will be published.

(Poll compilation by Carol Lee. Ben Blanchard reported. Sherry Jacob Phillips edited.