A crane moves a container at the Port of Kaohsiung. Photo: CNA
Monthly high: Exports have grown for 35 consecutive months, extending Taiwan’s longest uninterrupted growth streak despite trade policy and geopolitical risks
By Xu Jingjing/Staff Reporter
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Taiwan's exports hit a record high last month, driven by strong demand for artificial intelligence (AI) servers and other high-tech products, putting the economy on track for another year of exceptionally strong trade growth.
The export value surged 60.9% compared with the same period last year, reaching a record high of US$87.22 billion. The Ministry of Finance released this data yesterday.
Exports have grown for 35 consecutive months, extending Taiwan's longest uninterrupted growth record.
The latest wave of growth was mainly driven by AI-related products, with demand making up for the impact of global trade policy uncertainty and geopolitical tensions, said Statistics Director Cai Mina.
Exports of information, communication and audio-visual products more than doubled compared with the same period last year, and items such as graphics cards, servers, storage equipment, switches and routers all recorded triple-digit growth, the Ministry of Finance pointed out.
Electronic components are also the main growth driver, with an annual increase of 45.3%, as AI applications and the preparation of new consumer electronics products drive increased demand, the Ministry of Finance stated.
Exports in the third quarter increased by 44.6% year-on-year to US$244.92 billion, exceeding the government's August forecast, indicating that there is room to revise upward this year's GDP growth forecast of 11.05%.
"The growth momentum is expected to continue in October," Chua said, adding that exports are expected to increase by 40 to 44 percent year-on-year, and are expected to hit another record high.
Exports of non-technology products also improved, but textiles bucked the trend and fell, Ministry of Finance data showed.
The United States and Southeast Asia were the largest contributors to export growth last month. Exports to the United States more than doubled, and exports to Southeast Asia increased by 93.4% year-on-year.
These two markets accounted for about 70% of the total increase in exports, as global supply chains continued to be readjusted, Chua explained.
Exports to China (including Hong Kong), Europe and Japan also recorded double-digit growth.
Import value also hit a record high of US$63.59 billion, an annual increase of 51.7%, bringing Taiwan's trade surplus that month to US$23.63 billion, also the highest in history, data show.
Cloud service providers and the government are accelerating investment in AI infrastructure, driving demand for semiconductors, servers and related components, so export prospects this quarter remain strong, Chua said.
The year-end shopping seasons in China, Europe and the United States should provide additional impetus, she added.
However, changes in global trade policies and geopolitical tensions remain key risks in the outlook, Chua concluded.
Exports in the first nine months of this year increased by 46.2% year-on-year to US$661.55 billion, exceeding last year's total of US$640.69 billion.
During the same period, imports increased by 41.3% annually to approximately US$501 billion, data showed.
News source: TAIPEI TIMES
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