Taiwan’s exports hit a historic monthly high in August as the tech-heavy island continues to profit from the global frenzy around the artificial Intelligence (AI) industry.
The disputed territory’s exports rose 16.8% on the year to a record $43.64 billion, the finance ministry said, exceeding a rise of 7.35% forecast in a Reuters poll and July’s gain of 3.1%, to mark the 10th consecutive monthly rise.
“August’s export value hit a record as business for AI and high-performance computing continued to be strong, as well as international brands stocking up on new products,” the ministry said in a statement.
The second half of the year should see a “gradual upward slope” in growth as exports enter their peak season, the ministry has said, pointing to the end-of-year holiday shopping season in Western markets such as the United States and Europe.
Also on AF: Continuing Rise of Methane Emissions Worrying Top Scientists
Taiwan firms such as TSMC, the world’s largest contract chipmaker, are major suppliers to Apple, Nvidia and other tech giants.
The ministry predicted exports in September could gain between 5% and 9% on the year.
In August, exports to the United States soared 78.5% to $11.89 billion, also a record high, compared with a gain of 70.3% in July.
Shipments to largest trading partner China were up 1.0% versus the previous month’s slide of 13.5%.
Total shipments of electronic components edged up 0.1% in August from a year earlier to $15.15 billion, with semiconductor exports down 0.5%.
Imports rose 11.8% to $32.14 billion in August, missing economists’ forecasts for a gain of 15.0%.
- Reuters with additional editing by Sean O’Meara
Read more:
New US Chip Equipment Export Rule to Hit Taiwan, ASEAN States
Taiwan Chip Firm GlobalWafers Wins $400m For US Factories
Taiwan’s TSMC Joins Trillion Dollar Club Amid AI Frenzy
Taiwan’s Exports Jump in June Thanks to AI Chip Demand
Xi Claimed That ‘The US Wants China to Invade Taiwan’ – FT
