Taiwan exports hit record in August on AI, US reaches record again
TAIWAN’S exports rose more than expected in August to an all-time monthly high of nearly US$44 billion, as growing demand for chips to supply the burgeoning Artificial Intelligence (AI) industry overcame headwinds caused by anaemic demand from China.
Exports rose 16.8 per cent on the year to a record US$43.64 billion, the finance ministry said on Monday (Sep 9), exceeding a rise of 7.35 per cent forecast in a Reuters poll and July’s gain of 3.1 per cent, 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 US and Europe.
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 per cent and 9 per cent on the year.
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In August, exports to the US soared 78.5 per cent to US$11.89 billion, also a record high, compared with a gain of 70.3 per cent in July.
Shipments to largest trading partner China were up 1 per cent versus the previous month’s slide of 13.5 per cent.
Total shipments of electronic components edged up 0.1 per cent in August from a year earlier to US$15.15 billion, with semiconductor exports down 0.5 per cent.
Imports rose 11.8 per cent to US$32.14 billion in August, missing economists’ forecasts for a gain of 15 per cent. REUTERS
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