Taiwan's exports hit new high in August, beat forecast on AI boom

Taipei, Sept. 9 (CNA) Driven by solid global demand for artificial intelligence (AI) applications, Taiwan's exports hit a new high in August, rising more than 34 percent from a year earlier and far exceeding forecasts, the Ministry of Finance (MOF) said Tuesday.

Data compiled by the MOF showed the country's exports totaled US$58.49 billion in August, up 34.1 percent from a year earlier. The figure beat earlier forecasts of US$51.0 billion-53.2 billion, which had pointed to growth of 17-22 percent.

The August result also marked the 22nd consecutive month of year-on-year export growth, according to the MOF.

Imports in August rose 29.7 percent from a year earlier to US$41.66 billion, while the trade surplus reached US$16.83 billion, up 46.3 percent from a year earlier.

In the first eight months of the year, exports totaled US$398.43 billion, up 29.2 percent from a year earlier, while imports rose 21.7 percent to US$311.54 billion. The trade surplus widened 65.6 percent year-on-year to US$86.89 billion.

At a news conference, Beatrice Tsai (蔡美娜), director-general of the MOF's Department of Statistics, said that after U.S. tariffs took effect on Aug. 7, foreign buyers scaled back inventory-building to some extent.

However, she said demand for AI and other emerging technologies continued to support Taiwan's tech sector in August, while the launch of new gadgets by international brands provided an additional boost.

This was reflected in information, communications, and video/audio exports, which soared 79.9 percent year-on-year to US$23.36 billion in August, accounting for 39.9 percent of total outbound sales.

Tsai noted that from January to August, the industry's exports reached US$149.5 billion, already surpassing the US$132.51 billion recorded for all of 2024.

The electronics components industry also received a boost, posting US$20.39 billion in exports in August, up 34.6 percent from a year earlier, making up 34.9 percent of total exports. Semiconductor sales in particular rose 37.4 percent to US$19.24 billion.

By contrast, traditional industries underperformed due to a global supply glut. Overall, "old economy" sector exports fell 4.8 percent year-on-year in August, Tsai said.

Exports from the plastics/rubber industry dropped 12.1 percent to US$1.60 billion, while base metal exports fell 7.1 percent to US$2.43 billion. Chemical exports declined 4.6 percent to US$1.61 billion.

Bucking the downtrend, the machinery industry generated US$2.33 billion in exports in August, up 1.0 percent from a year earlier, MOF data showed.

By destination, the United States remained the largest buyer of Taiwan-made goods in August, with imports hitting a record US$19.63 billion, up 65.2 percent from a year earlier and accounting for 33.6 percent of Taiwan's total exports.

China and Hong Kong ranked second, buying US$15.19 billion worth of Taiwanese products, up 15.9 percent year-on-year and accounting for 26.0 percent of the total. The ASEAN bloc was third, with purchases totaling US$10.64 billion, up 46.7 percent.