Taiwan’s Exports Hit $44 Billion in August, US Leads

• Taiwan’s exports saw a massive surge of 16.8% to reach $44 billion in August.
• The notable hike is driven by the growing demand for chips used in AI products.
• The value surpassed the predicted 7.35% rise in the Reuters poll and the 3.1% gain in July.

Taiwan’s exports surged to an all-time high of $44 billion in August, driven by robust demand for AI chips and hardware, offsetting weaker demand from China. The country’s exports to the U.S. more than doubled during the month.

According to the finance ministry, Taiwan’s exports rose by a remarkable 16.8%, far exceeding the predicted 7.35% increase in the Reuters poll and the 3.1% gain in July. This impressive August performance marks the tenth consecutive month of export growth.

The strong demand for AI products and hardware has played a pivotal role in Taiwan’s export growth. The category encompassing audiovisual, information, and computer products has been a key contributor to this expansion.

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Ministry Forecasts Continued Growth

The finance ministry expects a “gradual upward trajectory” in growth throughout the second half of the year, propelled by peak season exports and the year-end holiday shopping season in Western markets like the US and Europe.

In August, Taiwan’s exports to the US skyrocketed by 78.5%, setting a new record compared to the 70.3% growth in July. Exports to other markets, including China, Taiwan’s largest trading partner, rebounded from a 13% decline in July to a 1% growth in August. The Ministry anticipates a 5%-9% year-on-year gain in September.

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The report also highlighted regional export growth. North America remained Taiwan’s fastest-growing export market, with a 75.3% year-on-year increase in August. Central America and the Middle East also saw substantial growth, with 39.3% and 11.8% increases, respectively.