《TAIPEI TIMES》Exports expand 58.9% to record US$96.76 billion

A forklift moves a container to a freight truck at a Kaohsiung Port terminal. Photo: CNA

Author: Crystal Hsu / Reporter

Taiwan's Ministry of Finance said yesterday that Taiwan's exports surged 58.9% year-on-year last month, reaching a record high of US$96.76 billion, and the growth momentum continued into the 36th month. Strong global demand for artificial intelligence (AI) infrastructure has driven exports to record highs.

Mina Tsai, director of the Statistics Department, said that the 36-month expansion momentum is also the longest in Taiwan's history, exceeding the growth records of other major economies such as South Korea, the United States, Japan and China.

Cai Mina said the export boom reflects the resilience of the global economy and the growing impact of AI development in the semiconductor industry. This trend will continue as increasingly complex AI hardware requires more advanced chips and other key components.

Seasonal stocking of new consumer electronics products ahead of the year-end shopping season also provided a boost, she said.

Last month, technology products remained the main driver of export growth. Exports of electronic components increased by 61.4% year-on-year to US$32.68 billion, and exports of information, communications and audio-visual products increased by 72.9% to US$47.6 billion, both hitting new monthly highs.

Chua Mina said that exports of electronic components are driven by strong demand for advanced chips, increased production capacity of cutting-edge processes, and tight supply of memory products.

Exports of servers and graphics cards also reached record highs, and exports of storage media, switches and routers more than doubled, reflecting continued investment in AI infrastructure, she added.

Chua Mina said that except for textiles, exports increased in most major product categories, with textiles being the only exception.

Exports in other major export categories rose an average of 25.7% year-on-year, roughly in line with September's pace, indicating a broader recovery in overseas demand, she said.

Imports surged 75.1% year-on-year last month to a record high of $68.89 billion, the Treasury said, as manufacturers bought more materials and components to meet export orders, while global AI supply chain demand and higher international commodity prices also drove growth.

The Treasury said the trade surplus widened to a record $27.88 billion during the month.

Chua Mina said that for the first time, South Korea surpassed China and Hong Kong combined and became Taiwan's largest single source of imports, accounting for 18.9% of total imports.

She said the shift was driven by increased purchases of memory chips, a trend fueled by surging demand and higher prices.

She added that Taiwanese technology manufacturers rely heavily on South Korean suppliers for key memory products, highlighting the complementary roles that the two economies play in the global AI supply chain.

The Ministry of Finance said that in the first 10 months, exports increased by 47.7% year-on-year to US$758.29 billion, exceeding US$700 billion for the first time, and imports increased by 44.6%, reaching US$569.76 billion.

Cai Mina predicted that the export momentum is expected to continue into this month, with annual growth rates between 47% and 51%.

News source: Taipei Times