Taiwan's exports rise for 19th straight month to hit new high in May

Taipei, June 9 (CNA) Taiwan's exports surged to a record high in May, rising 38.6 percent year-on-year to US$51.74 billion, the Ministry of Finance (MOF) reported Monday.

The MOF cited a rush of foreign orders ahead of the expiration of a 90-day pause on U.S. reciprocal tariffs in early July for the rise, which marked the 19th consecutive month of export growth.

The May export figure far exceeded the MOF's forecast of US$42.9-44.8 billion. Imports also rose 25 percent from a year earlier to US$39.13 billion, resulting in a trade surplus of US$12.62 billion -- up 109.2 percent year-on-year.

From January to May, exports grew 24.3 percent year-on-year to US$229.96 billion, while imports rose 21.4 percent to US$186.51 billion. The trade surplus for the five-month period reached US$43.45 billion, an increase of 38.3 percent.

The tariff pause followed an April 2 announcement by U.S. President Donald Trump of new reciprocal tariffs, including a 32 percent duty on goods from Taiwan. A week later, a 90-day suspension was introduced to allow time for negotiations.

Beatrice Tsai (蔡美娜), head of the MOF's Department of Statistics, said many foreign buyers expedited orders to avoid potential tariffs. She also credited continued demand for emerging technologies such as artificial intelligence and high-performance computing (HPC) devices and new product launches by international brands.

May marked the first time Taiwan's monthly exports exceeded US$50 billion, Tsai added.

By sector, information and communication technology (ICT) and audio/video products led the way with record exports of US$19.89 billion, up 111.1 percent year-on-year, fueled by strong demand for servers, display cards and computer accessories.

The electronics component industry followed with exports of US$17.21 billion, a 28.4 percent increase, as semiconductor sales climbed 30.1 percent to US$16.11 billion.

Traditional industries posted mixed results. Exports of base metals, machinery, and electrical equipment rose 5.7 percent, 7.7 percent, and 16.3 percent, respectively to US$2.70 billion, US$2.29 billion and US$1.36 billion. In contrast, plastics/rubber and chemical exports fell 4.7 percent and 6.6 percent, respectively, to US$1.67 billion and US$1.55 billion.

The U.S. overtook China and Hong Kong as Taiwan's top export destination in May, importing US$15.52 billion worth of goods, up 87.4 percent and accounting for 30 percent of Taiwan's total exports.

Exports to China and Hong Kong reached US$14.06 billion, up 16.6 percent and making up 27.2 percent of total exports, while shipments to ASEAN countries rose 52.3 percent to US$9.83 billion.

Exports to Japan increased 17.5 percent to US$2.33 billion, while exports to South Korea were up 16.6 percent to US$2.08 billion. Sales to Europe dipped slightly by 0.6 percent to US$3.32 billion.

Looking ahead, the MOF forecasts exports year-on-year growth of 15-25 percent for June to between US$45.7 billion and US$49.9 billion.