Taiwan posts record high October exports driven by strong demand for AI

Taipei, Nov. 9 (CNA) The strong demand for products involving artificial intelligence (AI) drove Taiwan's exports in October to the highest level ever recorded in that month, extending a 12-month growing streak, according to the Ministry of Finance.

The initial statistics released on Friday showed Taiwan's exports grew 8.4 percent in October from a year earlier to hit US$41.3 billion, the highest ever recorded in the month, while imports reached US$34.43 billion, up 6.5 percent from a year ago.

This led to a trade surplus of US$6.87 billion, the ministry said in a statement.

During the first 10 months of this year, exports totaled US$390.42 billion, a 10 percent increase from the same period last year. It was also the second highest export value seen during the January-October period, according to the statement.

Speaking with reporters, Beatrice Tsai (蔡美娜), director-general of the finance ministry's Department of Statistics, said exports in October were helped by a stable global economy, a strong demand for AI applications and high-performance computing devices, as well as new tech products hitting the market, and the beginning of peak season for exporters.

In October, six of the 11 key categories of exported goods posted a gain, but five saw a decline, Tsai said.

Information, communication and audio-video products jumped 28 percent to US$11.53 billion, the largest percentage gain among the 11 categories of exports.

Those products made up 27.9 percent of the total exports in October, the ministry added.

Parts of electronic products gained 6.1 percent from a year earlier to US$16.6 billion in October, which accounted for 40.2 percent of the total goods shipped overseas, data showed.

However, exports of minerals, which amounted to US$926 million, represented a 27.8 percent plunge from last year, caused by the lower oil prices traded in the global market, according to Tsai.

Among Taiwan's main trading partners, China and Hong Kong remained the top export destination in October with US$13.87 billion worth of goods, or 33.6 percent of Taiwan's total exports, shipped across the Taiwan Strait.

The United States came in second in October, (US$8.65 billion, 21 percent), followed by Southeast Asian countries (US$7.68 billion, 18.6 percent), Europe (US$3.23 billion, 7.8 percent), Japan (US$2.05 billion, 5 percent) and South Korea (US$1.89 billion, 4.6 percent), ministry data showed.