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Exports hit new high in August, up over 16% year-on-year
 

09/09/2024
 

Taipei, Sept. 9 (CNA) On the back of emerging technologies such as artificial intelligence development worldwide, Taiwan's exports hit a new high in August, up more than 16 percent from a year earlier, the Ministry of Finance (MOF) said Monday.

Data compiled by the MOF showed the country's exports totaled US$43.64 billion in August, up 16.8 percent from a year earlier after a 3.1 percent year-on-year increase in July. August marked the 10th consecutive monthly year-on-year growth in exports, the data indicated.

The August figure beat the MOF's earlier forecast of US$39.6 billion to US$40.7 billion, up 6-9 percent from a year earlier.

Speaking with reporters, Beatrice Tsai (蔡美娜), director-general of the MOF's Department of Statistics, said the local tech sector continues to receive a boost from solid demand for AI applications and high performance computing (HPC) devices.

The launch of new gadgets by many international brands also paved the way for an increase in shipments in August, Tsai said.

In addition, Tsai said the entire industrial sector benefited from an increase in orders at a time of a recovery in end-user demand after inventory adjustments, while deferred shipments caused by Typhoon Gaemi hitting Taiwan in July also pushed up the country's outbound sales.

In August, Taiwan's imports rose 11.8 percent from a year earlier to US$32.14 billion with a trade surplus of US$11.49 billion, also a new high, up 33.6 percent from a year earlier.

In the first eight months of this year, Taiwan's exports totaled US$308.57 billion, up 10.9 percent, and its imports reached US$256.12 billion, up 9.3 percent from a year earlier, while the trade surplus rose 19.5 percent year-on-year to US$52.45 billion.

 

Sector by sector
Exports posted by the electronic components industry totaled US$15.15 billion in August, up 0.1 percent from a year earlier with sales of capacitors and resistors rising 15.1 percent. Revenue from printed circuit boards was up 6.2 percent but sales of integrated circuits fell 0.5 percent, the MOF said.

The information and communications and audio/video industry benefited from peak season effects, posting US$12.99 billion in outbound sales, a new monthly high, up 71.3 percent from a year earlier, the MOF added.

The MOF said optical and precision equipment makers generated US$1.06 billion in exports in August, up 14.0 percent from a year earlier.

The major old economy industries largely saw exports grow from a year earlier in August, except the mineral industry, which suffered a 10.6 percent year-on-year decline in exports with a total of US$1.34 billion in the wake of lower international crude oil prices, the MOF said.

In August, exports by the base metal, machinery, plastics/rubber and chemical industries rose 7.9 percent, 8.0 percent, 3.8 percent and 10.5 percent, respectively, from a year earlier to US$2.62 billion, US$2.31 billion, US$1.83 billion and US$1.69 billion, the MOF added.

Tsai said the old economy sector showed signs of stabilizing but more time is still needed to determine the economic situation as one single month of data is insufficient.

 

Export destinations
China and Hong Kong remained the largest buyer of Taiwan's goods in August, when their purchases rose 1.0 percent from a year earlier to US$13.11 billion.

The United States came in second after purchasing US$11.89 billion worth of Taiwan's goods, a new high, up 78.5 percent from a year earlier.

Exports to the ASEAN bloc totaled US$7.25 billion in August, up 5.6 percent from a year earlier, and exports to Europe reached about US$3.70 billion, up 2.6 percent from a year earlier. Bucking the upturn, exports to Japan fell 17.5 percent from a year earlier to US$2.07 billion due to a decline in electronic item sales.

Tsai said exports in September are expected to range between US$40.7 billion and NT$42.3 billion, up 5-9 percent from a year earlier, with the moderating growth largely reflecting a relatively high comparison base over the same period of last year.

 

(By Chang Ai and Frances Huang)

 

Source, https://focustaiwan.tw/business/202409090019

 

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