Taiwan reports record monthly exports in March

Taipei, April 10 (CNA) Taiwan's exports hit a fresh monthly high in March, soaring over 60 percent from a year earlier, as global demand for AI applications continued to increase, the Ministry of Finance (MOF) said Friday.

Data compiled by the MOF showed the country's outbound sales totaled US$80.18 billion, up 61.8 percent from a year earlier, marking the 29th consecutive month of year-on-year growth.

Taiwan's imports in March rose 38.3 percent from a year earlier to hit a new high of US$58.91 billion as the AI boom prompted Taiwanese suppliers to buy equipment for expansion, the MOF said. In March, Taiwan recorded a trade surplus of US$21.27 billion, up 206.8 percent from a year earlier.

In the first quarter, Taiwan posted US$195.74 billion in exports, up 51.1 percent from a year earlier and reported US$142.78 billion in imports, up 34.8 percent from a year earlier with a trade surplus of US$52.96 billion, up 124.2 percent, the data indicated.

In March, the information and communications/audio and video device industry continued to lead Taiwan's exports with exports surging 134.5 percent from a year earlier to a new high of US$39.73 billion, the MOF said.

The electronic components industry posted US$25.24 billion in exports in March, up 44.0 percent from a year earlier, with outbound sales posted by semiconductor suppliers hitting US$23.99 billion, up 45.7 percent, the MOF added.

The strength of the old economy sector remained uneven as the machinery industry benefited from semiconductor equipment demand, posting US$2.36 billion in exports in March, up 16.3 percent from a year earlier.

In contrast, the base metal industry saw exports fall 7.4 percent to US$2.35 billion on a fall in steel and copper sales, the data showed.

Also in March, the United States was the largest buyer of Taiwan's goods with US$28.54 billion in purchases, up 124.0 percent from a year earlier due to strong demand for tech gadgets and accounting for 35.6 percent of Taiwan's total exports, ahead of China and Hong Kong (US$18.23 billion) and ASEAN countries (US$16.46 billion).

Beatrice Tsai (蔡美娜), director-general of the MOF's Department of Statistics, said that with AI emerging and the global supply chain restructuring, Taiwan's buyer portfolio has been reshaped and the U.S. market is carrying a higher weighting.

Exports to the U.S., China and Hong Kong, as well as the ASEAN bloc, all hit an all-time high in March, Tsai said.

Looking ahead, the MOF said robust global demand for AI applications is expected to continue to boost Taiwan's tech exports, while a supply glut and escalating competition could continue to impact local old economy industries.

The MOF forecast exports will range from US$70 billion to US$73.5 billion in April, up 44-51 percent from a year earlier, marking the 30th consecutive monthly year-on-year increase.