Taiwan’s exports reached a new high of $43.64 billion in August, mainly due to increased demand for chips in the expanding Artificial Intelligence (AI) industry. The 16.8% year-on-year increase beat predictions of 7.35% and marked the tenth straight month of export growth.
According to the finance ministry, increased demand for AI and high-performance computers, as well as worldwide businesses stockpiling new items, helped boost exports. The ministry predicts consistent growth in the second half of the year, particularly during the holiday season in Western countries like the United States and Europe.
Key businesses such as TSMC, a significant supplier to Apple and Nvidia, play critical roles in Taiwan’s export success. Exports to the United States increased 78.5% to $11.89 billion in August, setting a new record, while shipments to China increased by only 1.0% after falling sharply in July. Electronic component exports rose 0.1%, while semiconductor exports fell 0.5%.
In August, imports increased by 11.8% to $32.14 billion, falling short of economists’ expectations of 15%.
