Taiwan’s trade activity staged a major recovery in November, with 14% export growth marking the 14th month of growth and a rebound from 3% the prior month. China was the main driver with an 18% rate of growth leading to a record level. That supports our view that China’s rebound will lead to improved growth across the region. Taiwan’s export orders also reached a new high both in absolute terms and as a ratio of actual exports (1.7x). U.S.-bound trade improved too with 15% growth up from an unchanged level the month earlier, suggesting seaborne shipping’s weak performance in November sho...