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 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 ...