EXPANDING HORIZONS:
Taiwan’s exports soar in October, fueled by AI demand and a robust tech sector.
Last month, Taiwan’s exports reached an unprecedented level for October, largely driven by surging demand for artificial intelligence (AI) technologies and high-performance computing devices. According to a report from the Ministry of Finance, this achievement marks the continuation of a remarkable 12-month growth streak.
Exports climbed 8.4% year-on-year, totaling an impressive US$41.3 billion. Imports also rose, increasing 6.5% to US$34.43 billion, resulting in a trade surplus of US$6.87 billion for the month.
Throughout the first ten months of this year, Taiwan’s exports reached US$390.42 billion, representing a notable 10% increase compared to the same timeframe last year. This figure marks it as the second-highest export value during the January-October period, according to the ministry’s statement.
Photo: CNA
Director-General of the Department of Statistics, Beatrice Tsai, attributed last month’s export success to a stable global economy, a rise in AI application demand, and launches of new tech products. The peak season for exporters also played a significant role in boosting performance.
Out of the 11 primary categories of exported goods, six categories posted growth, while five encountered declines. Notably, information, communications, and audio-video products soared by 28% to US$11.53 billion, marking the most significant percentage increase among the export categories. These products constituted 27.9% of total exports last month.
Electronic product components increased by 6.1% year-on-year to US$16.6 billion, making up 40.2% of all goods shipped abroad. Conversely, mineral exports fell dramatically, down 27.8% year-on-year to US$926 million, a decline attributed to lower global oil prices.
When looking at Taiwan’s trading partners, China and Hong Kong remained the top destination for exports, receiving goods worth US$13.87 billion, accounting for 33.6% of Taiwan’s overall exports. The United States followed in second place, importing US$8.65 billion worth, which represents 21% of total exports. Southeast Asian countries imported US$7.68 billion, while Europe and Japan accounted for US$3.23 billion and US$2.05 billion, respectively.
Taiwan’s exponential growth in exports, particularly in the tech sector, paints a promising picture for the economy. As AI continues to weave itself into the fabric of various industries, the demand is expected to persist, potentially paving the way for even greater achievements in the future.
The AI Buzz Hub team is excited to see where these breakthroughs take us. Want to stay in the loop on all things AI? Subscribe to our newsletter or share this article with your fellow enthusiasts.
