Taiwan exports hit new high in September, driven by strong AI demand

Taipei, Oct. 8 (CNA) Taiwan's exports rose to a record high in September, increasing 4.5 percent from a year earlier and marking the 11th consecutive month of year-on-year growth, on the back of strong global demand for artificial intelligence (AI) applications, the Ministry of Finance (MOF) said Tuesday.

MOF data showed that Taiwan's exports totaled US$40.57 billion in September, the highest figure for that month, up 4.5 percent from a year earlier.

In September, Taiwan's imports also increased, rising 17.3 percent from a year earlier to a record US$33.45 billion for that month, creating a trade surplus of US$7.12 billion, which was down 30.9 percent from a year earlier.

In the third quarter of 2024, the country's exports totaled US$124.13 billion, up 8.1 percent, while its imports were US$100.66 billion, up 15.0 percent from the same period last year, with a trade surplus of US$23.47 billion, the MOF data showed.

In the first nine months of the year, Taiwan's exports totaled US$349.13 billion, up 10.2 percent year-on-year, and its imports were US$289.54 billion, up 10.1 percent from a year earlier, according to the data. The trade surplus rose 10.2 percent year-on-year to a record US$59.59 billion for the nine-month period, the data showed.

Beatrice Tsai (蔡美娜), director-general of the MOF's Department of Statistics, attributed the strong exports in September to factors such as the usual peak shipping season, solid demand for emerging applications like AI and high-performance computing tools, and the release of new mobile devices.

However, with the uneven recovery of the global manufacturing economy, the rebound in exports the previous month did not extend into September, she said at a press conference. That is why the year-on-year export growth in September was slightly lower than expected, she said.

The MOF's earlier forecast had estimated September exports at between US$40.7 billion and US$42.3 billion, up 5-9 percent from a year earlier.

According to Tsai, information and communication technology equipment and audio/video products still played a leading role in the growth of the September exports.

Backed by robust demand for AI applications and the release of new products, shipments of ICT and audio-visual products grew 24.8 percent year-on-year in September to US$10.31 billion, marking the 15th consecutive month of year-on-year growth, Tsai said.

In the first nine months of the year, those products accounted for a record 28.3 percent of Taiwan's total exports, she said.

Meanwhile, electronics component exports rose 4.9 percent from a year earlier to US$17.06 billion in September, exceeding a monthly figure of US$17 billion for the first time in two years, Tsai noted, adding that they had slumped in recent years due to the restructuring of the global supply chain.

In the optical and precision equipment manufacturing sector, exports rose 1.2 percent in September from a year earlier to US$960 million, Tsai said.

However, demand for Taiwan's conventional products was weak in September, she added.

Exports from the mineral, chemical and plastics/rubber industries dropped 23.7 percent, 17.7 percent and 10.3 percent, respectively, from a year earlier to US$1.11 billion, US$1.42 billion and US$1.49 billion, Tsai said.

Taiwan's machinery exports also fell, dropping 1.3 percent year-on-year to US$2.0 billion, according to Tsai.