TAIPEI (Taiwan News) — Taiwan Institute of Economic Research said Wednesday that the business climate index for manufacturing was 95.2 points, ending five months of decline.

The institute in a press release said the increase in the November manufacturing index was mainly due to manufacturers’ optimism. In addition to strong momentum in the electronics sector, there were improvements in traditional manufacturing and exports.

However, with US President-elect Donald Trump about to take office, global political and economic uncertainties are increasing, leading some manufacturers to have a pessimistic view.

TIER Macroeconomic Forecasting Center Director Sun Ming-te (孫明德) said Taiwan’s export performance this year stands out, not only leading its Asian neighbors but also surpassing Germany and Singapore, per UDN. With the depreciation of the New Taiwan Dollar, exports were strong, showing double-digit growth of 10% from January to November.

Sun added while there are tariff concerns with Trump taking office, there are also tax cut benefits, per CNA. The policy implementation order is key, and it is too early to conclude.