- Exports +34.1% y/y to hit record value of $58.49 billion
- Exports to U.S. +65.2% y/y (prior month +62.8%)
- Exports to China +15.9% y/y (prior month +23.9%)
- September exports seen up 30%-36% y/y
- Uncertainty of policy changes, geopolitical risks need monitoring, ministry says
TAIPEI, Sept 9 (Reuters) - Taiwan's exports in August grew more than expected to a record level, as strong demand for AI and tech outweighed the start of 20% tariffs imposed on the island's goods by the United States.
Exports rose 34.1% from a year earlier to $58.49 billion, the finance ministry said on Tuesday, beating a Reuters poll that forecast an increase of 22.3%.
That signifies continued momentum from July, when exports hit the fastest growth rate in 15 years and set a third consecutive monthly record, with August now being the fourth straight record-breaking month.
Taiwan's government has said that the U.S. tariffs on Taiwan exports of 20% were "temporary" and it would strive for a better rate as it completes the final stage of negotiations.
"Looking ahead, the application of AI technology continues to accelerate, as multinational corporations and governments are actively building AI infrastructure... (These trends) are expected to support export momentum," the ministry said in a statement.
However, the global economic outlook continues to have a high level of uncertainty as U.S. tariff policies take shape and geopolitical risks linger, so there is need for careful monitoring, the statement added.
Taiwan companies such as TSMC, the world's largest contract chipmaker, are major suppliers to Nvidia, Apple and other tech giants.
For September, the ministry expects exports to rise between 30% and 36% year-on-year.
In August, Taiwan's exports to the United States jumped 65.2% year-on-year to $19.63 billion, while exports to China climbed 15.9%.
Taiwan's exports of electronic components rose 34.6% to $20.391 billion, with semiconductor exports up 37.4%.
Imports rose 29.7% to $41.66 billion, exceeding economists' forecasts for an increase of 25.75%.
Reporting by Faith Hung and Jeanny Kao; Editing by Ros Russell
Source: Reuters