Exports up by over 16% year-on-year in August
Taiwan's exports reached a record high in August, increasing by 16.8% year-on-year, according to the Ministry of Finance (MOF). The total exports for the month amounted to USD 43.64 billion, marking the tenth consecutive month of year-on-year growth. This significant rise surpassed the MOF's earlier forecast of USD 39.6 billion to USD 40.7 billion, which had predicted a 6-9% increase.
Beatrice Tsai, Director-General of the MOF's Department of Statistics, attributed the growth to the strong global demand for artificial intelligence (AI) applications and high-performance computing (HPC) devices, which bolstered Taiwan's tech sector.
Additionally, the launch of new gadgets by international brands and a recovery in end-user demand following inventory adjustments contributed to the surge in exports. Delayed shipments from July due to Typhoon Gaemi also played a role in boosting August's numbers.
In terms of imports, Taiwan saw an 11.8% year-on-year increase in August, reaching USD 32.14 billion. This resulted in a trade surplus of USD 11.49 billion, a 33.6% increase from the previous year and another record high.
For the first eight months of 2024, Taiwan's exports totaled USD 308.57 billion, up 10.9% year-on-year, while imports amounted to USD 256.12 billion, reflecting a 9.3% increase. The trade surplus for this period rose by 19.5% to USD 52.45 billion.
