Taiwan’s exports expanded 7% on a year earlier in January, and while this was a fourth month of growth it was slower than previous months and below economists’ expectations of 8%. The expansion was led by a 13% growth in shipments to China, and a 16% expansion in semiconductor exports. These form 53% of Taiwan’s exports to China. Leading buyers in China include Micron, Foxconn and Huawei, which suggests stronger Chinese smartphone shipments may lie ahead.